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To: Bucky Katt who wrote (12059)	5/22/1998 8:11:00 PM
From: long-gone	Respond to of 116830

Gleaned this from market central. Technically, the market is exhibiting poor internal dynamics as the Net Advances vs. Net Declines has seriously weakened, New Highs vs. New Lows are exhibiting contracting strength and technical breakdowns in a number of key leading industry groups has added to our concern. On top of this, earnings growth is slowing and the outlook for the rest of this year is neutral at best. Interest rates are behaving to date as is inflation, but with a thirty year low unemployment rate at 4.3% and an aging economic expansion, the stage is set for at least a minor increase in inflation and interest rates. Technically, interest rates are still poised to go higher, the only question is how much higher and that will depend on the increase in inflationary expectations going forward. We expect the inflation rate to rise modestly in the second half of 1998 as wage price pressures, capacity constraints and commodities price strength combine. This will lead to modest increases in interest rates soon. th