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To: smolejv@gmx.net who wrote (3703)	8/28/1998 9:40:00 AM
From: tommy gunn	Respond to of 11051

Steady as she goes...........

To: smolejv@gmx.net who wrote (3703)	8/29/1998 1:07:00 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 11051

DJ; RE:" long-term charts " >'what good are long-term charts...' At this point in time, DJ - the weekly and monthly charts are just about the only tools I have left to try to find support levels and long-term trends. But in the main, I find T/A to be as un-helpful as F/A in the face of relentless devaluation and the loss of credibility that has emerged in the markets. There is no reason for sudden devaulation (F/A), and there are few (T/A) patterns to discern: straight down, 12 OEX points / week, average, for six weeks. I knew that sentiment had turned on Tuesday - that the bounce was over and that we would go from OEX 545 to (possible re-test of OEX 522) the lower-bound of the trading range channel. I did not expect a collapse of this channel. Indeed, were it not for the utter debacle of the CIS, I still believe that we would have been 20 OEX points higher right now. Still, I should have bought PUTs to play the 545 -to- 525 downwave that I knew was forthcoming; and I regret advising you to not do the same, old friend. -Steve