Ken Deen's
			   THE AGGRESSIVE TRADER
			        BUY ALERT
                                                           1339 Virginia Rd.
Vol. 1, No. 38                                           Montecito, CA 93108
April 14, 1992                                                (805) 565-2039
                                                      CompuServe: 72020,2050


   Stock+Options Account:
      (Note: The Stock+Options Account was introduced in Vol.1 #37.)
      * BUY 200 Professional Bancorp (Amex: MDB).  I bought this today at 15.
 
   Model Portfolio:  No trades


Market Commentary

   My technical indicators are flashing a buy signal.  I see a few
confirmations of this buy signal:
   * First quarter earnings are starting to come in, with several important
positive earnings surprises announced today, including, as I write this,
IBM, Honeywell, Merrill Lynch, and Paine Webber.  Wall Street has been
waiting for favorable earnings news.  Today, they got it.
   * The Federal Reserve eased the Fed funds rate by a quarter point last
Thursday.  Chemical Bank lowered the prime rate by a quarter point yesterday.
   * The consensus on the Street has shifted to an expectation of further
easing by the Fed possibly next month.  This contrasts with the previous
expectation that we had hit bottom on interest rates.


Discussion:  Professional Bancorp

   Regional banks have been one of the strongest groups this year, both in
terms of earnings growth and stock price appreciation.  Professional Bancorp
is a very small regional bank, with a float of less than a million shares.
It is a holding company for First Professional Bank N.A., providing banking
services through three California offices.
   Professional Bancorp has a very high earnings-per-share rank of 98,
according to Investor's Business Daily.  Last week, the company reported
a quarterly profit of $1.37 vs. $0.25 a year ago, a 448% gain.  Last January, 
earnings were up 311% at $0.37 vs. $0.09.  The easing of the Fed funds rate
bodes well for continued earnings growth.  At a trailing P/E of 6, the stock
is very attractively priced, in spite of recent price appreciation.
   The stock had been trading under $9 a share until breaking out in December.
From there, the stock shot up quickly to a high of 14 in early January.  It
then took a dip, reaching a low of 9 just a couple of weeks ago.  It
immediately shot up again, pausing briefly at the previous high of 14 before
closing at a new all-time high yesterday of 14 3/4.  Yesterday's close
represents a technical breakout from a three month base.  Relative strength,
according to Investor's Business Daily, is 93.  The earnings growth is strong
enough, in my opinion, to fuel much more price gains.
   A graph of Professional Bancorp appears on p.17 of today's Investor's
Business Daily.
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