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To: Electric who wrote (48939)	7/31/1998 4:09:00 PM
From: donald sew	Respond to of 58727

INDEX UPDATE --------------------- I was out for the main part of the selloff due to a personal matter, so I was unable to initiate my PUTs - shucks. The action today is BAD, not a little BAD, big BAD. We may get a pop on Monday and if we do take it as an opportunity to initiate PUTS. Please keep in mind that the overall market this week was severely oversold and we got a nice but weak upswing yesterday. Even under a corrective phase we should have at least been flat today or just slightly down. So with absolutely no follow thru today - it added alot of negativity to the market, not a little but ALOT. To me, todays action is a strong confirmation that the long-term trend is changing. In other words the 12 year bull run may be over, but still needs confirmation. We are not just talking about a corrective phase in a bull market, but an actual bear market. The next 2 support lines could be the main confirmation of whether we could be a long-term downtrend. The next support is at 8750 and the real important one will be at 8570. If we break both of them it may confirm that we could be at the start of something worse. Wow, never thought the market would be that negative today - REALLY BAD SIGN. seeya