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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (16005)	9/28/1998 2:44:00 PM
From: James C. Mc Gowan	Read Replies (1) \| Respond to of 42787

Dennis and Bob Graham- Re: John Murphy FWIW: J. Murphy,as of Sunday evening weekly update notes "short term improvement"; cites NDX has broken Jly/Aug downtrend(no kidding); negating of "bearish pennant" described last week Weekly stochastics oversold for Dow, turned positive; stability at worst, rally attempt at best;monthly stoch. remains bearish Summary: daily stoch. already positive; weekly indicators negative, but deeply oversold; monthly indicators negative; best guess-market probing for short to intermediate term bottom; could still be vulnerable to another setback during Oct; For those heavily short; time to do some short covering; short term traders could even look for buying opportunities Dennis: as I type this I'm getting a deja vu feeling re: Jerry Favors' mantra of short term rallies but long term bearish. But this does represent a change from the certainty of an end of October low of 7000 Backing away slowly? Waffles for breakfast Wednesday morning? Best of luck to all,we're going to need it. vocex P.S. Don Sew is still calling a more consistent trend, from my way of reading his updates.