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To: donald sew who wrote (42051)	5/2/1998 10:06:00 AM
From: jjs_ynot	Respond to of 58727

Don, From a technical viewpoint; there are technical non-confirmations all over the place in this market. Usual trend reversal indicators aren't working. A broad number of the high-flying stocks of the last quarter are not participating in broad rallies. The money seems to be flowing into only fewer and fewer selected issues. The vicious sector rotation. ETC. From a subjective viewpoint; this has the look of a very strong uptrend (over the last several months) being brought to a stop. This uptrend can't be stopped all at once and it will take a while to for the upward movement to be completely halted. From a fundamental viewpoint; as I have stated ad nauseam, the P/E ate this juncture makes the market very sensitive to any perturbation especially interest rates. It looks like foreign interests are slowly pulling out of the market since the US money making machine isn't what it has been for the last several years and Europe is looking like a fundamentally better market. Also, Japanese interest rates appear to have bottomed so the arbitrage trade that every one from George Soros to the IMF to BOJ have been playing of selling Japanese debt and buying US debt appears to be running out of steam. From a money flow perspective; The big companies are issuing debt to buy back stock which is holding their prices up and paying their executives handsome bonuses. However, IPOs are coming out of the woodwork and there appear to be so many in the pipeline (expect an Internet IPO every other day going forward) plus companies recasting themselves as Internet plays. The money flow into the market can likely be absorbed quickly by these new or newly revamped issues. The rush to market is the reason that many privately held companies are forgoing the long process of IPO and merging with publicly traded entities. Thus, in my opinion the back of the uptrend is in the process of being broken.

To: donald sew who wrote (42051)	5/2/1998 11:30:00 AM
From: Skipperr	Read Replies (1) \| Respond to of 58727

Don - Thanks again for the great perspective. Can you direct me to a previous post in which you listed all the indexes that you follow? If not, can you list them? Best regards, Skipperr

To: donald sew who wrote (42051)	5/2/1998 11:38:00 AM
From: Gersh Avery	Read Replies (1) \| Respond to of 58727

Lisa Patrick Donald and all .. major overseas event tampabayonline.net Gersh

To: donald sew who wrote (42051)	5/2/1998 12:56:00 PM
From: Barbara Barry	Read Replies (1) \| Respond to of 58727

Don, I have noticed the same thing on the weekly oex charts.But it looks similar to last August and the market kept going to reach a double top till late Oct.So I am still not convinced about a near term reversal.At this pace, we MIGHT put in a double top sooner.BWDIK? Maybe next week will tell us if this is going to peak with a double top or go to new highs putting in a right shoulder.(on a daily chart)Our measely little 4% correction was too quick.Acampura said 5-10% now,but nada!This is why I kid with Bill a bit about my psych indicators...they seem more powerful the what the pros use at the moment. IMHO this market is really getting more panic prone.Notice the high open interest for calls and puts on the oex??That little interest rate rumor brought doom and gloom for about 2 days...then the market must have popped some Xanax or prozac and everything is wonderfull again!IF we can move to new highs AND people start to care about fundementals this summer could get rough. Do you have a good site for charts on the a/d, new highs etc.?TIA Regards, Barbara