Ken Deen's
			 THE AGGRESSIVE TRADER(tm)
			        SELL ALERT
                                                           1339 Virginia Rd.
Vol. 1, No. 80                                           Montecito, CA 93108
August 25, 1992                                               (805) 565-2039
9:50am EDT                                            CompuServe: 72020,2050


   Stock+Options Account:
      * SELL CSF Holdings Inc. (NASDAQ: CSFCB).  Today I sold all 250 shares
        at 29 1/2.  I had bought these shares at a split-adjusted price of 22
	on June 9 (see Vol.1 #55; that was 200 pre-split shares at 27 1/2).

   Stock-Only Account (formerly "Model Portfolio"):  No trades

   DESI Trading System(tm):  No trades

   The DESI-3(tm) timing indicator has been flip-flopping back and forth:
      Aug. 19: RED  
      Aug. 20: RED  
      Aug. 21: GREEN
      Aug. 24: RED  
      Aug. 25: GREEN


Market Commentary

   I remain bullish on growth stocks, but I am pulling in my horns just a bit
based on recent market action.
   The free fall of the dollar against the German mark is worrisome, because
the only effective action the U.S. could take to shore up the dollar would be
to raise interest rates.  No one expects the Fed to do this, but at a minimum,
the alarming fall of the dollar makes it much more difficult for the Fed to
ease any further.  Also, Friday's market plunge of 51 points on high volume
represented a break below first support levels for the Dow.
   These bearish factors may continue to weigh on the market short-term, but
I expect a major rally, led by growth stocks, to begin sometime between now
and late November.  Among the bullish arguments for growth stocks:
   * The NASDAQ Composite is showing more strength than the Dow.  The Dow has
     dropped below its June lows, the NASDAQ has not.
   * Although the market's selloff Friday and Monday was impressive, it was
     not nearly as impressive, based on trading volume, as the powerful two-
     day rally we had July 28 and 29.
   * Interest rates remain ultra-low.
   * Inflation appears to be thoroughly licked.
   * Corporate earnings are coming in, on average, better than expected.
   * Higher corporate earnings and lower stock prices spell more attractive
     valuations.
   I expect those companies with the best earnings surprises will lead the
rally; at the same time, the market has shown and probably will continue to
show no mercy with those companies which report or forecast disappointing
earnings.


Discussion:  CSF Holdings, Inc.

   I have a 34% gain in less than three months, so this may be a good time to
cash in on this winner.  Although CSF has held up very nicely through this
most recent market downdraft, nevertheless banks and S&L's as a group have
been weak recently.
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