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To: IQBAL LATIF who wrote (21903)	12/11/1998 8:35:00 AM
From: Jerry Olson	Respond to of 50167

Morning IKE looked at the SOX, it's going down to 300 quickly, and if that doesn't hold 275 area...RS just turned NEGATIVE on the P&F Charts... looked at the DJIA...8750 is a double bottom break, sell signal, we could head straight to 8300...it's rolling over and down... hope you well today....

To: IQBAL LATIF who wrote (21903)	12/11/1998 9:11:00 AM
From: IQBAL LATIF	Respond to of 50167

'kensey' has recommended _INDU (Short)'kensey' said: The DOW has been nestling lately on the wrong side of the 13-day EMAwhich now has a downward bias. This is the first time this major market average has been on the wrong side of this EMA since the day Greenspanannounced the surprise cut in interest rates (which caused the DOW to go up 300some odd points, penetrate both the 13 and 50 day EMA's, and initiate the traceof a MACD green trending bar). Also of concern is the fact that the stochastic lines got arrested in mid-flight after bouncing out of the oversold region. The interpretation is that a recovery was not made from short term weakness. Healthy markets (and stocks) should snap out of the oversold region and should not stop until the top of that indicator graph gets hit. If the stochastic lines fail to make a fast exit from oversold, that indicates the macrotrend is suspect. Or, we are no longer in 'obvious land'. We have had 4 oversold conditions on the DOW since October. Probably the best one on the chart is the one in late October. After Greenspan single handedlyjacked the market 300 points, a 10 trading day digestive phase occurred which brought the index back just enough to touch the 13-day EMA. Once this line was touched,the market rallied and the stochastic lines took only three days to make the cross from oversoldto overbought - a kissing sign of health. The next (minor) oversold condition occurs in mid November. The stochastic lines were not permitted to navigate into the oversold region. They made it half-waythere but were arrested in mid flight. Persistent short term strength - bullish. Which brings us to present day. The stochastic lines hit oversold onFriday and turned around on Monday. But the lines only made it half-way up on the graph beforeturning back down. This is the opposite of what occurred in the proceedingparagraph. Another concern is the remarkable symmetry of this chart. If supportat 8800 is breached and the 50-day EMA is breached, its a chip shot down to8350. Existing positional update. Based on my perception that the DOW istechnically weak, I'm selling marginals and position trades on further weakness. Phillip Morris : Sitting on the 50-day EMA but it broke back throughthe upper band of my trend-line. If the 50-day EMA is breached, exit. Bank of Boston : Above the break-away gap but planing horizontal. Financials have beenespecially weak. Exit. Ameritrade : I doubt it crosses the gap down. I missed the sell point when the stock spiked, resisted selling on the way down. Shall exit here if the 13-day does not hold.Micron : Back to where I bought it. All of a sudden, too many correlated semi-conductor positions. Stock is at a critical point - right above the 13 day EMA and dead even with the top end of the prior trading range. This was a bet on a new trading range with 48 as the floor. Bought when it went through 48, now its back at 48. Exit ifthe floor is taken out. Quantum : Back below the 13-day EMA which has a downward bias. Absolutely no selling volume yesterday. Nevertheless, exit on weakness. Seagate : Also back below the 13-day EMA. No selling volume hereeither. Nevertheless, exit on weakness. Security Dynamics : Extended above the 13-day EMA. Good profit takingcandidate. Lycos : Those points evaporated quick. I should have heeded all the email I got about this stock today. Similar situation to Micron in that this is another 'dawn of a new range of trade' bet. From looking at the chart, I'm inclined to holduntil it is evident that this new range is not going to hold. Protecting theposition with put options at 50. That way, my maximal loss has a number on it. Exiting if 50 is taken out. I should probably just close it out but what thehell, the notion that got me in is still in place. Adaptec : 10 percent loss over 2 trading days. This loss will be taken if the stockis weak tomorrow.kensey See the annotated graph of this recommendation at: clearstation.com +-+-+-+-+-+-+-+-+-

To: IQBAL LATIF who wrote (21903)	12/11/1998 9:23:00 AM
From: IQBAL LATIF	Read Replies (5) \| Respond to of 50167

The pits in my opinion are shocked to see soo many turning bearish, they would first stop the shorts and than break it down fwiw- the markets don't move in direction where everyone wants them to move.. Please note this very carefully- think opposite to what is very apparent today.

To: IQBAL LATIF who wrote (21903)	12/11/1998 2:40:00 PM
From: James C. Mc Gowan	Read Replies (2) \| Respond to of 50167

IKE: re: spreads corporate/treasuries and Japan Your post indicates that spreads btw corp/treas. have not narrowed and Moodys website confirms, as of 12/4(most recent date reported) all corporates at 166/treas. vs 12 mo high at 177/treas. Also, Baa rated corp. now at 212/treas. vs 218 12 mo high So, not much change, in spite of Greenspan's efforts to correct spreads. Do you think high yield play will be worth risk; now I have small profit on HiYield fund; but NAV isn't appreciating over past month, pretty static. Also, Japan passed below the the 14700 support/resistance level last night, down 400 points; this is only 1 close below 14700 as yet, but overall world market conditions reflect decline. Is it too soon to tell if Japan will be moving down from here, or hold and move toward your upside target. Got a laugh re: your evil twin sister of Bhumbo; how about Bhumboette Regards vocex