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To: Mark Fowler who wrote (12603)	8/4/1998 11:47:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 164684

Mark, isn't Ralph a technician? Clearly, he saw something in his "work" that changed his mind. It is to his credit that, when his discipline says he was wrong, he admits it. I have no idea what Abby the Bull's discipline might be, if she has any (or any that allows for anything other than raging bullishness). She is, as far as I have seen, just another "new paradigm" bull and a "bull market genius". Ralph was a tad late for my tastes (many other strategists, including several Squawk Box guest host regulars, changed their tune over the last few weeks), but TA tends to be a bit late (though not too late) and those who followed him today will be much better off for having done so. Those who would get angry at him for speaking his mind will most likely make good indicators of the bottom when they finally turn bearish. JMO, Bob

To: Mark Fowler who wrote (12603)	8/5/1998 7:32:00 AM
From: Glenn D. Rudolph	Respond to of 164684

PRESS DIGEST - Wall Street Journal - Aug 5 Reuters Story - August 05, 1998 02:06 %US %PRESS %BUS %AUT %DPR %USC %MUNI %TEL %AER %PRESS/WSJ ALD AMP GM F AMZN AOL CSCO DIS NWAC V%REUTER P%RTR NEW YORK, August 5 (Reuters) - The Wall Street Journal reported the following business stories in its electronic edition Wednesday: * The Dow Jones industrials slid 299.43, or 3.4 percent, to 8487.31, in their third-biggest point loss ever. * AlliedSignal surprised the market with an unsolicited bid of $9.8 billion for AMP , a large maker of electronic connectors. AlliedSignal's offer sent AMP's share price soaring 49 percent. * Japan's new finance minister outlined plans to cut taxes permanently, aiming to convince financial markets and trading partners that Japan is serious about stimulating its economy. * General Motors will slash the bureaucracy behind its five marketing divisions, eliminating as many as 1,000 jobs and gutting the remnants of its old corporate structure. Cost savings are forecast at $200 million to $300 million a year. * Ford's vehicle sales fell 4.3 percent in July as the auto maker continued to sell the remaining units of discontinued lines while trimming lowermargin sales to rental fleets. * Amazon announced deals that signal ambitions beyond books. It will buy PlanetAll, a provider of on-line address books, for about $90 million, and will buy Junglee, which offers Internet shopping services, for $180 million. * The House passed a bill that strikes at the ocean-shipping industry's traditional system of rate-setting cartels, in an effort to expand competition. * An electricity trader whose transactions led to defaults and millions of dollars of claims against Springfield, Ill., was briefly employed by the Ohio trading firm that set off the defaults. * America Online said quarterly operating income rose more than tenfold, surpassing expectations. But it delayed reporting its net amid problems figuring out the amount of special charges. * Cisco Systems overcame weakness in its Asian markets to grow more quickly than its rivals, beating analysts' expectations. Separately, Cisco announced a 3-for-2 stock split. * Disney offered to pay the NHL about $400 million for five-year broadcast rights on ABC and ESPN, people familiar with the matter say. * Northwest Airlines will return to the bargaining table with its pilots union the week of Aug. 17, less than two weeks before a possible pilot strike. * The index of leading indicators fell 0.2 percent in June, after a 0.1 percent drop in May. The decline, partly due to the GM strike, suggests slower growth ahead. * Healtheon filed plans to go public, betting investors will like its bid to manage medical information on-line and won't mind its first-half loss. * A survey shows a number of businesses are willing to shift their loyalty from Intel to other chip makers. * Disney's Miramax will launch a TV-production division headed by CBS Entertainment executive Billy Campbell, aiming to expand beyond films. * The American Bar Association failed to endorse a controversial recommendation covering lawyers' political contributions.