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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (30535)	8/4/1998 12:56:00 PM
From: cardcounter	Read Replies (2) \| Respond to of 132070

Here's the amateur, glue sniffing, technical analysis perspective for today (which would have appeared alot more credible, if I could have posted it the last hour, but I was having connection problems.) For what its worth, 8800 was the clear lower bound support level for the djia congestion range we've been in (8800 to 9200). And if we crossed that lower bound (on relatively high volume), then a strong sell signal would be generated that many market participants would heed. I thought we would significantly break 8800 yesterday (we nudged it), but today seems to be the day. Since the dip buyers couldn't keep us from falling through the 8800 floor support, they may wait for a far lower floor (my guestimate is 8500 before any real gains can be made). The only reason, I'm bringing this up is to make a simple point. For daytraders and market timers, fundamental analysis is of little use. There simply isn't enough frequently forthcoming info on any particular stocks to guide your intra day, short term trading. That's why so many of them turn to technical analysis for short term clues. Reevaluating the balnace sheet isn't going to help you and trying to extrapolate the economic conditions for each company based on the daily macro outlook is pretty dubious at best. Often, the charts, breadth indicators, bolinger bands adv/decl....yadda yadda, can provide you with the best short term clues.

To: Knighty Tin who wrote (30535)	8/4/1998 1:58:00 PM
From: miklosh	Read Replies (1) \| Respond to of 132070

Mike, do you like the oil equipment and services companies at this time, ie SLB HAL NE DO? FWIW Michael Metz said today on CNNFN that oil is the only sector he'd be long right now.He "guessed" that oil prices have bottomed.TIA

To: Knighty Tin who wrote (30535)	8/4/1998 3:44:00 PM
From: Soumen Barua	Read Replies (2) \| Respond to of 132070

Hi Michael. I have a question. Recently congress has voted to reduce the long term holding period for capital gains tax from 18 months to 12 months. Does this apply to all investors including the fund managers? Thanks. Soumen PS: Here is the link to the actual article: dailynews.yahoo.com