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To: Knighty Tin who wrote (21418)	2/25/1999 12:11:00 AM
From: John Pitera	Read Replies (3) \| Respond to of 86076

With sincere apologies to the Mighty MYTHMAN, another evening session of Witchdoctoring as we try to expedite our offerings to MONEY HEAVEN..... contributions may not be tax-deductible. Peter Eliades' Stockmarket Cycles update for Wednesday, February 24, 1999. We must admit we were reluctant to spend almost the whole update yesterday on Japanese Candlestick formations, but perhaps today's price action justifies the length of time we gave to the formation. We said that the pattern would be confirmed if a long black candlestick and remember a black candlestick appears when the close is lower than the opening, but we said the pattern would be confirmed if the long black candlestick appeared today, that closed well into the body of Monday's long white candlestick, 1242.50 to 1274.50 was the range of the white body on Monday's candlestick. Today's close of 1253.30 on the March S&P Contract indeed carried it more than half way back into the white body of Monday's candlestick. That makes the pattern especially an evening doji star and classifies it as a topping formation. Enough said now about Japanese candlesticks. Perhaps the most important aspect of today's market action for us was the fact that the S&P Cash stopped almost exactly at our target level of 1282.89 that we gave you well over a month ago. On January 8, the S&P Cash stopped at .4% short of that number. On February 1, it surpassed the number by .06% and today it surpassed the number by .08%. In other words, for practical purposes it has stopped virtually exactly on our number on three separate occasions now. Obviously a move convincingly above that number now, would have to be viewed as bullish. Here is another stunning statistic. Today the S&P 500 Index reached a new all time high intra-day. As it was doing so, the ratio adjusted McClellan Summation Index registered a reading today of 615. Because we do not have intra-day S&P data from 1929, we cannot be sure, but it would appear that this reading today could be the lowest ratio adjusted McClellan Summation Index reading ever registered on a day when the S&P reached an all time high. Another technical factor, on January 8 all time high there were 93, 52 week highs on the New York Exchange. On the February 1, all time intra-day high on the S&P there were only 84, 52 week highs. Today on the new all time high intra-day for the S&P Cash there were only 51, 52 week highs. In fact today there were more new lows than new highs on the day when the S&P registered a new all time high with 86, 52 week lows. Mutual fund switchers, Rydex switchers are in the Ursa fund. All others are in cash. Stock Index futures traders, you shorted the March S&P at 1280.00 market if touched and were stopped at 1285.90 for 5.90 loss. You then reshorted at 1263.90. Tomorrow, place your initial stops at 1270.00. Attempt to cover at 1242.10. If you are stopped out, or if you do cover, you may reshort on a move below 1236.50 with a stop at 1249.40. March bonds confirmed nominal 40 week projections down to 113 and 18/32 +- 2 full points today. No new projections on the XAU. Have a great day. We'll talk to you tomorrow.