Ken Deen's          THE AGGRESSIVE TRADER(tm)
"Seeking double-digit profits in one to four months"
Vol. 2, No. 72   April 26, 1993   8:20pm New York Time
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Market Stance:  Neutral
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ALERT ITEMS:

   Marginable Account (editor's personal account):
      * SELL 60 Callaway Golf Co. (NYSE: ELY)
        Today I sold all 60 shares at 32.  I had bought these shares Feb. 5 at
	a split-adjusted price of 24 1/2 (Vol.2 #24).

        After this trade, the account value is $35,944.  Of that, $30,313 is
        long stocks and $5,632 is cash.

   IRA Account (editor's personal account):
      * SELL 60 Callaway Golf Co. (NYSE: ELY)
        Today I sold all 60 shares at 32.  I had bought these shares Feb. 5 at
	a split-adjusted price of 24 3/8 (Vol.2 #24).

        After this trade, the account value is $39,514.  Of that, $30,313 is
        long stocks and $9,201 is cash.

   DESI(tm) Account (a computer-simulated hypothetical account):  No trades

   DESI(tm) Buy/Sell Signals (computer-generated):  None
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Market Commentary

   The number of reasons to be bearish continues to grow.  The NASDAQ
Composite closed at 645.87, below important support at 650 established earlier
this year.  This establishes a sequence of lower troughs, confirming the
bearish sequence of lower peaks this index has traced since early February.
   Gold and gold stocks, which usually move counter to stocks, are rallying
strongly.  Former market leaders are selling off sharply (Intel is but the
latest example).
   I am changing my market stance from "cautiously bullish" to "neutral".  I
still expect to turn bullish within the next few months.  At the moment,
however, caution is the watchword.
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Callaway Golf

   I am selling this stock prematurely, having held it less than three months.
My sell discipline allows for selling early if my market stance becomes more
bearish, as it has today.  I chose Callaway Golf because I have a very nice
gain (+29%), and because the "Leisure & Recreation Products" group has been
falling off recently.  It is #77 out of 199 this week; that's down from
rankings in the low 60's over the previous four weeks.
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Previous Alert: Vol.2 #71 (April 26, 1993)
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   The Aggressive Trader is edited and published at irregular intervals, but
at least monthly, by Deen Capital Management, Inc.,  P.O. Box 4791, Santa
Barbara, California 93140, (805) 565-2039.
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   Deen Capital Management, Inc., its principals, employees, affiliates,
and/or clients may have positions in securities recommended herein and may
make additional purchases and/or sales in these securities.  
   Recommendations made in this publication involve a high degree of risk and
may result in losses.  Readers should not assume that recommendations will be
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   Copyright (c) 1993 Deen Capital Management, Inc. 
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