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To: robert duke who wrote (14718)	5/5/1999 8:08:00 AM
From: Steeny	Read Replies (2) \| Respond to of 41369

Robert, 125 will be the first major test on a closing basis. (50 day ma, lower end of current wedge). If we close below that, it is a virtual certainty of closing at about 117. That represents a well tested trend line. It will not fall easily. However, if we CLOSE solidly below that, the next level will be the low 90s. I haven't looked below that yet. Lows are usually signalled by panic selling, usually on opens followed by recoveries. I'm not sure if we are there yet. The whole story right now is the shift from high p/e to low p/e fueled by a fear of rising rates. We need good news from the shareholder meeting. We need a weak unemployment # on Friday to save this market.