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To: Lucretius who wrote (3008)	9/16/1998 11:12:00 AM
From: Challo Jeregy	Read Replies (1) \| Respond to of 14427

LT, Beebs, et all. I would like to make an observation here if I may. The NYSE Bullish Percent reversal doesn't mean that the market will head up 1000 points in the next week, month, qtr. Last May 13th, when it reversed down after reaching 72%, it moved into Bear Alert status. Even though the market peaked in July, we all know that the market was being carried by just a few Big stocks. My analogy for this is like stepping on the brakes when doing 50 mph. You will skid for a while before you stop. I feel that this reversal up will have the same reverse effect. As the McClellan Oscillator is reaching a high, I expect a reversal down in the market, also. What will carry it down, and how far, will be determined by all of the externals going on. And, boy, there sure are a lot of those! But, to be sure, there will still be those stocks that keep going up. Whether we retest 7400's is left to be seen. But, at least %-wise, we will have less to go down than we had from 9300-7400. IMHO, Challo

To: Lucretius who wrote (3008)	9/16/1998 4:11:00 PM
From: wlheatmoon	Read Replies (1) \| Respond to of 14427

LT--- Interesting day. Market inched up prior to AG's testimony. 100 point swing down with AG's comments. Then a mad rush to buy. My take on AG's comments and the Banking Committee's sentiments is that there is nothing new about a potential rate cut and that the IMF's effort to help the emerging markets is basically for naught. With that said, I'm surprised the market rebounded. Could this be the blowoff rally prior to the next major move down? My guess is that the overseas markets are not going to be happy about Greenspan's comments and about the potential lack of money for IMF. I think overseas market going to tank, then folks in the US are going to rehash Greenie's comments and realize that there is no magic bullet. Of course I could be off my rockers. Wouldn't be the first time. Something smells when there are run ups in the nets like YHOO (+9), CMGI (+8), and INKT (+7 3/4) without any major news to account for the moves. mike