<= span style=3D'font-size:12.0pt;color:blue'>Tom,

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>I have done some work on the Russell = 2000 and I have found definite Fibinocci ratios at work in the price movement of this index. Unfortunately I don’t have a charting program that I can = annotate and up load to the FTP site, so this may get a little confusing if you don&= #8217;t have a chart of the RUT in front of you as you read this.=

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>I started my analysis from the 9-21-0= 1 low.

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>A .382 retracement of the move from 9= - -21 to 1-9 yields a down side price target of 453.63. The move down that began on = 1-9 and ended on 2-20 had an intra-day price low of 457.21.

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>50% of the price move from 9-21 to 1-= 9 is 64.73 points. Add this to the price low on 2-20 and we get a target price of 521.94. Also 1.382 times the price move from 1-9 down to 2-20 yields a price target of 520.60. These are two price projections from previous moves that = are clustered together (521.94 & 520.60) the actual intra-day high of the m= ove that began on 2-20 and terminated on 4-17 was 523.79.

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>A 50% retracement of the move from 2-= 20 up to 4-17 yields a price target of 490.50. On 5-10 the RUT reached an intra-d= ay low of 492.24, which also penetrated the up-trend line drawn from the lows = made on 9-21 & 2-20. The RUT then turned up and moved back above this up-tre= nd line. Over the past few days it has traded back down to and has almost touc= hed this up-trend line.

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>The $64,000 question is of course wha= t’s next? Unfortunately in the case of RUT the waters could not be more muddy. I dare not even venture my best guess because there are no high probabilities that I see. Will just have to let the market give me more info.<= /span>

<= span style=3D'font-size:12.0pt;color:blue'>

<= span style=3D'font-size:12.0pt;color:blue'>E

<= /span>

-----Original Message-----
From: Tom Worley [mailto:stkguru@bellsouth.net]
Sent: Friday, May 17, 2002 9= :42 PM
To: canslim@lists.xmission.c= om
Subject: Re: [CANSLIM] M

<= /o:p>

Ernie,

= ;

Have you ever tried to apply the same type review to the Russell 2000, or any ot= her small cap index? If so, I would be interested in the results.=

= ;

----- Original Message -----=20

From: Hill,= Ernie <= /font>

To: 'canslim@lists.xmission.com' <= /font>

Sent: Friday, May 17, 2= 002 10:35 PM

Subject: RE: [CANSLIM] M

Well t= he 5-7 low has held up and we are in the midst of the upswing I have been anticipating, unfortunately despite the FTD I don't expect it to last much longer.

The S&= amp;P is currently right in the middle of a heavy resistance area 1103 - 1111. Unles= s it can move through this resistance area with conviction this move will likely= be over in a matter of days if not already.<= span style=3D'color:black;mso-color-alt:windowtext'>

I stil= l see the forecast I made on 5-9 as being the highest probable outcome for the termination of this move. The most likely target is 1112 on 5-22.

NAZ do= esn't look too good either. A 50% retracement of the move from the high on 3-11-02 to the low on 5-7 would gi= ve a target price of 1753.26, Thursday the NAZ hit an intraday high of 1759.33 a= nd the intraday high for today was 1754.22. In both instances the daily highs penetrated the trend line drawn from the tops of the highs made on 3-11 and 4-17 and then closed at or below this trend line.

Additi= onally a 38.2 % retracement (another Fibinocci number) of the larger move from the h= igh made on 1-9-02 to the low on 5-7 yields a target price of 1766 which is the exact level where the NAZ would on 5-21 intersect the trend line drawn from= the tops of the highs made on 1-9-02 and 3-11.

The NA= Z like the S&P is about to or has already reached the end of this current upsw= ing in M.

-----Original Message-----
From: Hill, Ernie
Sent: Thursday, May 09, 2002= 4:38 PM
To: canslim@lists.xmission.c= om
Subject: [CANSLIM] M<= /font>

= ;

Hi group,<= /span>

Once again my turn signal criterion has been met by yesterday's price action. Ma= ybe this time the low made on 5-7 will hold. The coming reaction to this current downtrend will have a hard time getting very far. I call it a reaction beca= use the downtrend was very technically damaging from my point of view, and I do= n't see much chance of a fundamental change in trend, at least not the way the market looks right now. If the coming reaction is stronger than I anticipate then I may be forced to change my interpretation.

I see very strong resistance in the 1103 to 1111 area on the S&P. The highest= probability that I see for the top of this reaction is 1111 to occur within four days either side of 5-22. If M is able to take out this resistance level then the next most likely target from which to expect a turn back down would be in t= he 1126 to 1137 range with the upper part of that range being the most likely target.

*= ***************************************************************** T= his email and any files transmitted with it from the ElPaso C= orporation are confidential and intended solely for the u= se of the individual or entity to whom they are addressed. I= f you have received this email in error please notify the s= ender. *= *****************************************************************







*=
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his
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C=
orporation
are confidential and intended solely for the 

u=
se of
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Tom,

<= /span>

While RUT’s waters are indeed muddy, I will offer up this poss= ible projection as it is the highest of a group of low probability projections.<= o:p>

<= /span>

1.382 times the move down from 4-17 to 5-10 yields 43.60 points addi= ng these points to the low of 5-10 gives a target price of 535.84. If the up-t= rend line drawn from the lows of 9-21 & 2-20 holds (and that’s a big i= f) this price target of 535.84 could be reached by 5-23 give or take a few days.

<= /span>

-----Original Message-----
From: Hill, Ernie
Sent: Saturday, May 18, 2002= 9:07 AM
To: 'canslim@lists.xmission.= com'
Subject: RE: [CANSLIM] M

Tom,

I have= done some work on the Russell 2000 and I have found definite Fibinocci ratios at work in the price movement of this index. Unfortunately I don’t have = a charting program that I can annotate and up load to the FTP site, so this may get a little confusing if you don’t have a chart of the RUT in front of you= as you read this.

I star= ted my analysis from the 9-21-01 low.

A .382 retracement of the move from 9-21 to 1-9 yields a down side price target of 453.63. The move down that began on 1-9 and ended on 2-20 had an intra-day price low of 457.21.

50% of= the price move from 9-21 to 1-9 is 64.73 points. Add this to the price low on 2= - -20 and we get a target price of 521.94. Also 1.382 times the price move from 1= - -9 down to 2-20 yields a price target of 520.60. These are two price projectio= ns from previous moves that are clustered together (521.94 & 520.60) the actual intra-day high of the move that began on 2-20 and terminated on 4-17= was 523.79.

A 50% retracement of the move from 2-20 up to 4-17 yields a price target of 490.5= 0. On 5-10 the RUT reached an intra-day low of 492.24, which also penetrated t= he up-trend line drawn from the lows made on 9-21 & 2-20. The RUT then tur= ned up and moved back above this up-trend line. Over the past few days it has traded back down to and has almost touched this up-trend line.

The $6= 4,000 question is of course what’s next? Unfortunately in the case of RUT t= he waters could not be more muddy. I dare not even venture my best guess because there are no high probabilities that I see. Will just have to let the market give= me more info.

-----Original Message-----
From: Tom Worley [mailto:stkguru@bellsouth.net]
Sent: Friday, May 17, 2002 9= :42 PM
To: canslim@lists.xmission.c= om
Subject: Re: [CANSLIM] M

Ernie,

= ;

Have you ever tried to apply the same type review to the Russell 2000, or any ot= her small cap index? If so, I would be interested in the results.=

= ;

----- Original Message -----

From: Hill,= Ernie

To: 'canslim@lists.xmission.com'

Sent: Friday, May 17, 2= 002 10:35 PM

Subject: RE: [CANSLIM] M

Well t= he 5-7 low has held up and we are in the midst of the upswing I have been anticipating, unfortunately despite the FTD I don't expect it to last much longer.

I stil= l see the forecast I made on 5-9 as being the highest probable outcome for the termination of this move. The most likely target is 1112 on 5-22.

The NA= Z like the S&P is about to or has already reached the end of this current upswing = in M.

-----Original Message-----
From: Hill, Ernie
Sent: Thursday, May 09, 2002= 4:38 PM
To: canslim@lists.xmission.c= om
Subject: [CANSLIM] M<= /font>

= ;

Hi group,

Once again my turn signal criterion has been met by yesterday's price action. Maybe th= is time the low made on 5-7 will hold. The coming reaction to this current downtrend will have a hard time getting very far. I call it a reaction beca= use the downtrend was very technically damaging from my point of view, and I do= n't see much chance of a fundamental change in trend, at least not the way the market looks right now. If the coming reaction is stronger than I anticipate then I may be forced to change my interpretation.

I see very strong resistance in the 1103 to 1111 area on the S&P. The highest probability that I see for the top of this reaction is 1111 to occur within four days either side of 5-22. If M is able to take out this resistance lev= el then the next most likely target from which to expect a turn back down woul= d be in the 1126 to 1137 range with the upper part of that range being the most likely target.<= span style=3D'font-size:10.0pt;font-family:Arial;color:#003300;mso-color-alt:win= dowtext'>







*=
*****************************************************************

T=
his
email and any files transmitted with it from the ElPaso 

C=
orporation
are confidential and intended solely for the 

u=
se of
the individual or entity to whom they are addressed. 

I=
f you
have received this email in error please notify the 

s=
ender.

*=
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*=
*****************************************************************

T=
his
email and any files transmitted with it from the ElPaso 

C=
orporation
are confidential and intended solely for the 

u=
se of
the individual or entity to whom they are addressed. 

I=
f you
have received this email in error please notify the 

s=
ender.

*=
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