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To: William Epstein who wrote (6223)	11/5/1998 9:48:00 AM
From: Robert Douglas	Read Replies (3) \| Respond to of 7841

William, you wrote: My reference to analysts is really a question. Do analysts have to have confirmations before they rec. or do they help create price movements by doing it? If they all do it at the same time then all they do is confirm each other. Does the king have no clothes? William, the analyst community is really a very inbred bunch. At least their offspring all look pretty much the same. <g> That is to say, their recommendations tend to follow one another. If a dozen analysts follow a particular stock, you can be assured that they all know what the others are saying. Many times they know each other personally, having met at company visits. It is no coincidence therefore, that many times you will see several analysts move their opinions on the same day. There is a feeling of security in being able to say to your boss, “Yeah, I blew it on Megalotron, but Fogbottom over at Merrill Lynch blew it too.” Remember for most of these guys and gals the top priority is keeping their job and landing on the Institutional Investor all-star list. Big bonus! Yesterday I posted a wonderful quote from one of the century's great economists, John Maynard Keynes. The last part is worth repeating.“…worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.” Since reputation is of primary importance to this gang, there is little chance that they will risk this reputation by standing alone and run the possibility of being wrong. Being wrong in a crowd, of course, is acceptable, if not encouraged. I didn't hide my disdain very well did I? In that case let me say that I find more original thinking on the sports page than in a stack of analyst reports. -Robert

To: William Epstein who wrote (6223)	11/5/1998 11:50:00 AM
From: David Jones	Respond to of 7841

W.E: The gap I was seeing is the difference in Tuesdays close at 27&11/16 and Wednesdays open at 28&1/8. I ignored the spike on Tuesday to 28&3/8 and only look at the positive values. So forget the the interday spike on Tuesday above the close and look at the open on Wednesday and that's my gap. Small isn't it.) When the price gets to these levels in a stock. I start looking at the smallest indicators. And I was examining as if I still held, like I was looking for an exit point and playing on the edge; "not my style". Hence my close look at the directional moving average and the moving average convergence/ divergence yesterday. It's difficult to put in print, it's one of those things where you have to be looking over someone's shoulder and have them it point out. And it's all conjecture and academic crap because it wasn't a consistent indicator. I just wanted to bounce if of you and really expected someone to say "what the #ell are you talking about!") Dave ps: I'm still learning and having a good time at it too.