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To: donald sew who wrote (51347)	9/1/1998 9:31:00 PM
From: Nancy	Read Replies (1) \| Respond to of 58727

because we were still in a bull market in 1997 but we are in a bear market now in 1998 at this time.

To: donald sew who wrote (51347)	9/2/1998 2:19:00 AM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 58727

Donald; RE:" New Highs / New Lows " >I realise that many are comparing last OCT to current market, but there are many technical differences. One of the more obvious is the the NEW HIGH/NEW LOWS. In OCT the NEW LOWS got to about 300, but we got to 1200 yesterday. I'm a little confused on this emphasis upon new highs, too, Donald. Apparently, folks are comparing this crash to OCT-97 and talking about a disparity between "New Highs" then-and-now... ...the OCT-97 drop was at the end of a big UpTrend, and it was a fall of 1000 DOW points from ~8100 to ~7100; in other words, it was near the top of a bull run, so stocks were near their highs. The OCT crash was a three-week deal. This drop is a fall of 2000 DOW points from ~9400 to ~7400; We're nowhere near the top of the YTD bull-run (hell, we're back where we started) and very few stocks are anywhere near their last "high" levels. Expecting "new highs" after one BullBlip at the end of a seven week DownTrend seems, well... unrealistic. I don't get the usefulness of this T/A indicator (in this environment) at all, Donald. I mean, there are onlt four functioning sectors in the market (if that: BigTechs, Drugz, Retail, Financials). Most of the technicians use the NewHigh/NewLow measurement as something to gauge a continuation pattern or, as a measure of divergence between market sectors. Anyhoo, I got massive resistance between ~8050 to ~8150 now, as I'm sure everybody else's charts show. Curiously, ~7900 is the fibonacci retracement line from ~7400 low on my chart. These fib lines are downright spooky sometimes ( anybody seen the film pi yet? Didya go straight ;-) One parallel I will hazard to draw from OCT is that, where ever we finish this week - will be an important reference on the charts, regardless of what happens next. -Steve