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To: Patrick Slevin who wrote (42579)	5/7/1998 4:09:00 PM
From: Stoctrash	Read Replies (1) \| Respond to of 58727

>>Notice how each day the early rally is taken down quickly? Another pessimistic sign in my opinion. And the nasty weak closes :-0 All pessimistic signs on my score card also.

To: Patrick Slevin who wrote (42579)	5/7/1998 5:37:00 PM
From: Robert Graham	Read Replies (3) \| Respond to of 58727

IMO the market's response to the upcoming jobs report will help reveal to us the current market sentiment. If "positive" wait until the initial market response to unfold before making a call on market sentiment. I would classify this market as "nervous to slightly pessamistic" if I was pushed to say something here. Look how the market has been rolling over during the first market adjustment and now this Part II of the market adjustment. There has been no surprise "right through the floor" days to panic the market. And much of the market gains after the previous bounce at the 50 day MAs was apparently due to hedge fund activity which the public appear to buy into to some extent with no follow through. We have where the public money is for instance in MSFT in a downtrend that preceded this current market slump. But I think what is important here is to keep a close watch on the S&P 500 and see how it responds to significant market events, like the DJIA or NASDAQ rallying or continuing to drop. This I think will help indicate future market direction than most any other "indicator" right now. For instance, the S&P 500 topped out first and did not confirm upward movement of both the DJIA and NASDAQ which preceded the beginning of Part I of this market adjustment period. Just some thoughts. Any comments? Bob Graham