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To: jjs_ynot who wrote (43808)	5/23/1998 4:49:00 AM
From: Patrick Slevin	Read Replies (2) \| Respond to of 58727

I'm heading out in a while and only have this to say with respect to market behaviour. I read from time to time that people think the market is approaching an oversold condition. It's my understanding that generally when markets breakdown it occurs from oversold conditions. Oddly enough, it becomes the same sort of puzzle that people with a bearish stance have now.."Why does this market keep going up?". When it breaks down from oversold conditions you see minor rallies but the market keeps working steadily lower. Meanwhile, people with a bullish stance puzzle about why the market keeps going down, after all it's oversold. Just a thought.

To: jjs_ynot who wrote (43808)	5/23/1998 4:32:00 PM
From: donald sew	Read Replies (2) \| Respond to of 58727

Dave, >>>>At this point a tightrope walk is the order of the day IMO. The upside appears to be very limited. The downside is very murky. My market bets going forward are basically those which will win if the market doesn't move up (i.e. vertical-like spread strategies). This market has breakout potential based on daily MACD charts but no catalyst to make it happen. We are on a very precarious balance.<<<< Being basicly a technician, that is why we are now forming TRIANGLES amongst the various indexes. I interpret TRIANGLES as an interim where the overall market cant make up there mind, evidenced with light volume. Seeya