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To: JRI who wrote (78297)	11/11/1998 6:16:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 176387

ot Weinstein into the "pull-back" theory act now: Semiconductors can be bought on next pullback by Stewart Winograd DTN Stocks Editor "The stock market made a short-term top this week," Stan Weinstein told DTN Wednesday. Weinstein is editor and publisher of The Professional Tape Reader and Global Trend Alert, an institutional service, in Hollywood, Fla. "We've had quite a rally from Dow 7500 on October 8. Enough is enough," Weinstein said. "We won't see Dow 7500 on this pullback, but a one-third retracement, carrying the Dow to 8400-8500 in the next week or two, is likely," Weinstein said. "This correction should not be devestating," he added. Intermediate-term, Weinstein said he is bullish and looking for the market to rally into early January. "But the long-term trend is still negative," Weinstein said. "The bear should reassert itself in February or March of 1999." Weinstein drew parallels between the current market and strong bear-market rallies of 1937 and 1973. In both prior cases, stocks rallied for ten weeks or more after a sharp initial selloff to the vicinity of the previous high, creating a "double top." "This has been a speculative rally, which itself is a bearish sign," Weinstein said. He recommended using the anticipated pullback over the next couple of weeks to establish long positions in semiconductor stocks, disk drive makers, and biotechnology, specifically mentioning Micron Technology (N:MU), Intel (Q:INTC), Seagate Technology (N:SEG), and Oracle (Q:ORCL). "I wouldn't buy these stocks here, but on a pullback," he emphasized. "And I'd look to sell in late December or mid-January." Meanwhile, Weinstein said he would use the current strength to get out of issues that are acting poorly. "Too many stocks bother me," he said. "I'm bearish on the drugs, which look like they're making a double top. I don't like the airlines. I don't like the financials. We've had a 1,500-point rally, and these stocks are just coming into areas of supply," he said. "I wouldn't want to be long Pfizer (N:PFE), Coca-Cola (N:KO), Gillette (N:G), Airtouch Communications (N:ATI), General Electric (N:GE), Merrill Lynch (N:MER), Clear Channel Communications (N:CCU), Tiffany (N:TIF), AMR (N:AMR), US Airways (N:U), Midwest Express (N:MEH), or Associates First Capital (N:AFS)," Weinstein said. "I'd want to be out of Anadarko Petroleum (N:AFS) and Tandy (N:TAN), too."