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To: Tom Trader who wrote (6201)	10/13/1998 11:17:00 AM
From: SE	Respond to of 44573

I mentioned in a pmail that I thought also relatively flat today and then gap down to complete an island reversal. Of course that is looking out too far and simply would be verification of my thoughts that we go down from here and the 1018 we saw yesterday was the top.

To: Tom Trader who wrote (6201)	10/13/1998 11:23:00 AM
From: Patrick Slevin	Respond to of 44573

I'm less prone to watch the Banks any longer. Still a useful indicator but I think Leadership is migrating to the NDX. Just an observation. Perhaps a self-fulfilling one, as I was tempted to think that way in early summer when I was keeping a very close eye on the Banks. These things cycle their Leadership. Banks generally lead the Final Decline and then Techs "generally" initiate the next up cycle. In brief, I'm watching the NDX for a clue with regard to any reversal that I do not wish to be caught "short" in.