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To: edward miller who wrote (57499)	11/16/1998 10:26:00 AM
From: donald sew	Read Replies (1) \| Respond to of 58727

Edward, >>>>>>>>> Actually I think the situation is worse than that because the number of issues has grown so much, especially in the 1990s. With the larger number of issues today NEW HIGHs below 100 while we are so near the prior top is severe weakness in the internal market. <<<<<<< I think you have a very valid point, and such just makes my position a bit more conservative/feasible on a statistical basis since I did not adjust for the increased numbers of issues. The DOW has already crossed 9000 this morning and the NEW HIGHs are only at 23 so far. Yes the NEW LOWs are now only 3, but low levels in the NEW LOWS should now be expected since the market is so far from the LOWs, the same arguement used but in reverse, when the NEW HIGHs were low but in the middle near 8200. Get the feeling we may be hitting a bubble again, even if the FEDs do cut rates. As long as the NEW HIGHs stay below 100, I will have that bubble mentality, but if the NEW HIGHs pops up quickly if the rates are cut tomorrow, then we will probably head higher some more. Thanks for your views. Seeya