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To: The Perfect Hedge who wrote (52730)	9/15/1998 7:15:00 PM
From: HighTech	Respond to of 58727

I'll take blue cheese dressing on my salad. HiTech

To: The Perfect Hedge who wrote (52730)	9/15/1998 7:23:00 PM
From: dennis michael patterson	Respond to of 58727

Here you go Beebs!! No confort here, as far as I can see. But the futures are now unchanged! Jerry Favors Analysis - Tuesday, Sept. 15, 1998 8 p.m. The Dow today closed up another 79.04 points, at 8024.39. We stated last evening that if the intraday high yesterday was not above 8104 the rally was not over and that the Dow should rise above 8104 intraday before this rally peaks. Yesterday's intraday high was 8081 ,so 8104 was not exceeded. We don't have today's intraday high yet as we are going on line at this point. By the time we get access to the intraday high today this update will already be on. If it was not above 8104 the rally has further to go. We are trying to pinpoint the most likely time frame for the high of this rally. There is a 16 day cycle high due near 9/17 plus or minus 2 days. More importantly there is a 10- Week Cycle high due this week or early next week. The longer the cycle the more important the high or low reached is. The last 2 10-Week Cycle highs were due the week of July 13 to July 17 and the week of May 4 to May 8,plus or minus 1 week in each case. The Dow reached its all time closing high of 9337.97 on July 17 and then fell 1798 points to the August 31 closing low. In response to the second cycle high the Dow reached an intraday high of 9312 on May 4,and then fell 788 points intraday to the June 16 low. The next cycle high is again due this week or early next week. The next Bradley turning point is Sept. 21, Monday, plus or minus 2 days. Technically the Bradley calls for a short term low in that time frame but we may well see a high instead of a low,in an inversion. This is because we have several other key cycles calling for a high instead of a low near July 22 plus or minus 2 days. We know we are in the ballpark for a high within the next few market days,but we are not yet sure which of those days it will be. Our ability to pinpoint the day should increase with each passing day from here as we get more signals from our indicators. The 10-Day Trading Index today closed at an unofficial 0.89,placing it now near overbought territory by Bear Market standards. The McClellen Oscillator is now above +100, back into overbought territory. The 5-Day RSI however is at 59.35,and that is not yet into overbought terrirtory. It must exceed 70 before it can be considered overbought. There is nothing saying it must exceed 70 before this rally peaks. It may not. But at this point it does suggest there is some room for higher prices. Technically our hourly charts are still on a Buy Signal. We believe the Dow should exceed 8104 intraday before any top,the question is how much above 8104 should it go. We have a projection calling for 8168 plus or minus 69 points intraday. This calls for a minimum of 8099 intraday. However for tomorrow the market should encounter strong resistance to any further rally if the NYSE cash index reaches the 517.47 plus or minus 2.00 area. Any decline below 7958 on a print basis in the Dow tomorrow will give a short term negative signal from the hourly charts. However that would be only a very short term signal for the day only. It would not in itself mean the entire rally off the August 31 low is over. Our bottom line is that we believe the Dow should see the high for this rally within the next 1 to 5 market days. We'll just have to monitor the indicators each day to try to pinpoint the high. We are on the sidelines for now,waiting to reshort. We do believe the Dow will fall below 7400 relatively soon. When it does it could very well trigger some sort of crash or mini-crash .We just need to let this rally run its course before we move back to the short side. We'll have further instructions for you tomorrow at 8 pm.