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To: Justa Werkenstiff who wrote (15049)	7/24/1998 10:40:00 AM
From: Patrick Slevin	Respond to of 17305

The interesting thing here (to me) is that the market must get up over 1160 basis the spoo and close up there. The psychological implications of another down day may be very severe with a rush towards 1140 basis the spoo and perhaps 1120. Cash (SPX) equivalents would be in the realm of 1157 close. Failing that the SPX could find support in the mid/high 30s then the mid/high teens. I always base my thoughts on the spoo and try to determine where the Cash will be based on Fair Value. Have a good day; it appears the futures have closed the opening gap and now's the time, so to speak, for some action one way or the other. Personally I would like it to be up because I am leaving for the weekend. I would hate missing another day like the last two.