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To: James Strauss who wrote (56568)	10/28/1998 12:14:00 PM
From: donald sew	Read Replies (2) \| Respond to of 58727

Jim, Thats where we differ - I dont think the trend is up, nor do I think it is down. I think that we are in a trading range. In fact I am sensing another STAIRSTEP developing. Not sure were the limits are to the STAIRSTEP, but for now the DOW is right now in the middle of the AUG STAIRSTEP. I do feel that this stairstep could move a bit higher, say max 8800 which is still in line with the AUG STAIRSTEP. The highs and lows of the AUG STAIRSTEP are 8317-8753. Lets see where the next upswing take the market. Im not bearish nor am I bullish, for the short/mid term - Im neutral. seeya

To: James Strauss who wrote (56568)	10/28/1998 12:27:00 PM
From: Trey McAtee	Read Replies (1) \| Respond to of 58727

james-- well, as for direction i think that barring a major global depression you could go long even at these levels and be fairly safe, as long as you have at least a 5-6 year horizon. short term is the only way to make money on a bear. however, people dont acknowledge a bear until after it has happened<G>. so most do not make money off it. i have little doubt in my mind that we are teetering on the brink. and i think the fed is going to be less than effective at propping us up going forward (there is a limit). so, i will bide my time, keep buying where i can and continue to exit longs. last week i was in NYC and saw too many smiling faces in the financial district. that indicates to me that 7400 on the dow was nowhere near the bottom. there were too many fresh faces in new suits that mom and dad bought after graduation. when they are gone and the bars are filled up with the depressed remnants, then its time to buy<G>. good luck to all, trey