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To: J.T. who wrote (22765)	1/20/1999 8:49:00 AM
From: Lee	Read Replies (1) \| Respond to of 50167

Morning JT,..Re:.Eco data Housing starts for Dec. up 3.5% to 1.72m annual units, permits up 4%! Doesn't look too much like a slowing or even moderating economy from here. <g> Of course weather plays a big part in these months. census.gov Housing Starts biz.yahoo.com Good earnings from tech is the icing on the cake? Regards, Lee

To: J.T. who wrote (22765)	1/20/1999 11:47:00 PM
From: J.T.	Read Replies (1) \| Respond to of 50167

The GOOD, the BAD, and the UGLY....... First the good.. SOX and BKX pole-vaulted out of base formations and were shining stars today even though they faded into the bell.. Overall, a very strong performance. C was strong throughout and this should continue but we need second close above 815 BKX and no island reversal. I believe IKe is dead on and she should head back to today's interday highs 828 and smash through within next few trade sessions. Interesting to note was activity of WFC which was down dog for most of day just doggin it at 36 area for most of day and got legs into the afternoon and finished strong into the bell to close at high for the day. . Mar40 calls could have been scalped @7/8 easy. SOX was monster and almost hit 430 intraday. Need this second close above 412 to have nice chance to reach IKe's 450 nirvana. MSFT, DELL, IBM (although pullback from 200 and reversal not comforting)....... The BAD.... SPH seems to be running into this brick wall around 1290 area and this needs to hold 1250 or seh breaks back to 20 DMA.. Still up for the day but spits of my caution for (late) intraday reversal in last nights post. If we can smash through 1300 two closes this market can run total of roughly 15% from Dec 31 close or roughly 1410 SPX. Still premature, but odds are against it. Abbey knows it well this is sector and stock selection in a thin market. Also, TRAN was laggard today. CRB back down to 189.42 and testing lows.... The UGLY..... James Strauss is on it as A/D Index at best readings of day was at best 16 to 11 (+ to - ) and this is a horrible # when DOW was up 130 and SPH up 23. Terrible in spite of fact with catapult of several indices only to retreat and see losers "take it" from gainers. Any new significant leg up must encompass broad participation and this means a few 4:1 and 3:1 days. We are trading at 32.5 times earnings S & P 500 up from 24.5 on OCT 7 before blast-off. Abbey has this market pegged at 24 X 99 operating earnings. IKE, can you help me with this... JT