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To: The Perfect Hedge who wrote (51489)	9/3/1998 9:51:00 PM
From: dennis michael patterson	Read Replies (1) \| Respond to of 58727

Beebs: ugh, what a day. Meetings all day. I had no time. Favors. Let me post it (I hope he no one reports me-- I can't do this every night). But a lot of people have signed up with him. I think this message is real interesting. I am still on the sidelines. The market looks tricky to me. I know the banks are crashing, but there are pockets of strength (e.g., AOL, GPS). I am uncertain. Subject: Nightly Update - Sept. 3, 1998 Date: Thu, 03 Sep 1998 19:28:11 -0400 From: <info@jerryfavors.com> Reply-To: jerryfavors@worldnet.att.net To: update@jerryfavors.com Jerry Favors Analysis - Thursday, Sept. 3, 1998 8 p.m. The Dow opened weak today and at the lows of the day the Dow was down as much as 204 points. We bounced back to close down 100.41. Tomorrow should be an important day for the market,one way or the other. If the Dow holds above today's intraday low and exceeds today's intraday high the 3-Day Chart will turn up. If this occurs it would suggest somewhat higher prices early next week and a probable move above 7953 on a print basis and 8036 intraday in the Dow. While we have no actual projections calling for a rally this high,it would not surprise us if that rally took the Dow up into the 8100 to 8200 area. Such a rally would be in keeping with historical precedence for Bear Market rallies. Once that rally peaked,probably next week,we would begin the next leg down below 7400. Alternatively,if the 3-Day Chart does not turn up tomorrow we could test the 7400 area quite soon. If the Dow breaks today's lows,especially the intraday low,the 3-Day Chart could not turn up no matter where the Dow closes. Today's print low was 7578.46. The intraday low is not available as of this writing,but we will give it to you on our 12:30 Update tomorrow.Any decline below 965 in the Sept. S&P futures will suggest a probable decline below today's lows in the Dow. If the Dow breaks 7390 on a print basis and you are not short we would reshort with a stop 1 point above this week's high. Tomorrow should be a very important day.