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To: Trey McAtee who wrote (54777)	10/6/1998 9:12:00 AM
From: donald sew	Read Replies (3) \| Respond to of 58727

INDEX UPDATE -------------------------- As indicated in previous index updates, the major international markets were due for a bounce since they were all in CLASS BUY status. JAPAN was up slightly by .57%, but what the media wont tell you is that Japan closed near the lows and about 200 points off the intraday highs. It could be in the process of forming a DOUBLE BOTTOM, or it could be on the verge of setting NEW LOWS again. Europe is up strongly, which is what is probably pushing out futures up 19 right now before the open. Surprisingly, my short-term technicals are at 30 for the DOW & SPX & OEX, which is the lower mid-range. Just from a mathematical calculation the upside potential in the DOW is 2-4 up days/200-400 points, that is not to say that I think it will get that high. Pls keep in mind that when the technicals are in the middle its basicly a flip of the coin. I have noticed another pattern in my short-term technicals indicating that the market will reverse back down while the technicals are in the mid-range, so they will not get to the overbought region before reversing down. The next important resistances are at 7952, 8032, 8090, 8182. At this time I feel that the 7952 resitance will hold if it gets that high. I realise that the futures ar up 19, but I am sensing that we may be developing another stair-step(but a smaller/shorter one) with the topside in the 7800-7900 range and the bottom at the 7500-7550 range, so lets say 7500-7900 . The TECHNICALS are actually getting worse. I was unable to review all the indexes but noticed quickly that the RUT(RUSSEL 2000), XAL(AIRLINES), EGI(EMERGING GROWTH INDEX), and the YTK(YEAR 2000 index) set intraday NEW LOWS. Thats not good. I am still sticking to my position that the next downswing will start in the period of OCT 7-13. It could start as soon as OCT 7, but if the MINI-STAIRSTEP forms in the 7500-7900 range then the downswing may not start until early next week. As for today, if we close at the highs it could indicate that we could head higher tomorrow and could test the 7950 resistance line. If the DOW/market forms a SPINNINING TOP/DOJI, and closes below 7900 - that could indicated the beginning of a short-term top and would fall into the formation of the MINI-STAIRSTEP. Please keep in mind that this STAIR-STEP, if it forms is simply a RECTANGLE, which is a BEARISH chart formation like the FLAG, PENNANT, WEDGE. Also watch the market internals and the RUT to see if today's rally is broadbased. If it is not broadbased then that is not a sign of strength and probably is a sign of weakness hinting that this rally may not last long. Yesterdays rebound off the lows was mainly with the big stocks. While the DOW ran up and closed about 170 points off the intraday highs, the RUT only moved up about 1-2 points and still closed down 12 - not a good sign of a broad based rally. Seeya

To: Trey McAtee who wrote (54777)	10/6/1998 9:51:00 AM
From: Jay Scott	Read Replies (1) \| Respond to of 58727

Dirtball usually only has press conferences when things are going well, so he can take credit for them. He characteristically hides when things are going down the tubes, because he obviously doesn't have a clue about what to do about global crises, only personal crises (in which he is extremely effective, from considerable practice). That's the kind of superior leadership this great country deserves, don't you think? JS

To: Trey McAtee who wrote (54777)	10/6/1998 11:02:00 AM
From: AlanH	Read Replies (1) \| Respond to of 58727

Trey, re:Rambling lunatics One too many Guatemalan Insanity peppers? <g> I've tried to decipher your post -- and granted, I've only had one Mountain Dew this AM -- but, I can't connect "capitalize", ee cummings and breakfast. Maybe I should spray-paint in an enclosed area? <g> This market is looking WEAK. Of course, the last bastion of mania is in the internets: LCOS +6%, AMZN +4.5%, YHOO +3%. Good earnings from YHOO, or just more MM hucksters? CSCO is floundering again and the DELL shoe is close to falling. BTW, if you're bearish on NDX in a limited risk way, here's an interesting fund: RYAIX rydexfunds.com GT, Alan