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				Ken Deen's
			 THE AGGRESSIVE TRADER(tm)
	    "Seeking double-digit profits in one to four months"

			        BUY ALERT
                                                               P.O. Box 4791
Vol. 1, No. 92                                       Santa Barbara, CA 93140
October 15, 1992                                              (805) 565-2039
11:20pm EDT                                           CompuServe: 72020,2050


   Stock+Options Account (editor's personal account):  No trades

   Stock-Only Account (editor's personal account):
      * Tomorrow I will BUY 100 Germantown Savings Bank PA (GSBK, $23.88).

   DESI(tm) Account (a computer-simulated hypothetical account):
      * No trades; account is already fully invested.

   DESI(tm) Buy/Sell Signals:
      * There is a DESI(tm) buy signal on GSBK.


BUY Germantown Savings Bank PA (GSBK)

   This is the first DESI(tm) buy signal since NBTY on August 3.  On Wednes-
day, Germantown reported spectacular earnings: $1.28 per share vs. $0.46 in
the year-ago period.  Investors responded by bidding up the stock 1 7/8 points
to 23 on five and a half times average daily volume.  That was Wednesday
(yesterday).  Today, the stock tacked on another 7/8 to close at 23 7/8, a new
all-time high.  Today's rise represents a technical breakout from a 4.5-month
trading range.  The combination of a spectacular earnings report with a
technical breakout on strong volume is a strong buy signal.
   For the second quarter in a row, trailing 12-month earnings have jumped to
an all-time high -- this time from $2.47 to $3.29.  Due to this sharp jump in
trailing earnings, the P/E has dropped from 9 to 7.  The past four quarters
show considerable earnings momentum:

	Quarter  Earnings-
	Ended	 per-share
	-----	-----------
	Sep 30	$1.28 +178%
	Jun 30	$0.71  +39%
	Mar 31	$0.72  +41%
	Dec 31	$0.58  +41%

   These are all the reasons I'm buying, but now I must tell you why I'm not
buying very much.  DESI(tm) buy signals are generated by computer program.  I
have a great deal of confidence in this program, but some of these buy signals
I like better than others.  When I like the signal very much (for example,
United Wisconsin Services on July 31 -- see Vol.1 #73), I put more of my own
money into the stock.  When I like it less, I put less money into the stock,
or I may pass it up altogether.  In the case of Germantown Savings Bank, I'm
buying a very small amount, $2,400.  This is the smallest dollar purchase I've
ever reported in this newsletter.  (For comparison, I put over $7,000 into
United Wisconsin on July 31, and it has since become my biggest winner.)
   One reason I'm not more enthusiastic about this buy signal is that the
group strength has fallen off recently. Germantown is in the "Banks-Northeast"
group, which in early September had a group relative strength of 92. This
measure of relative group performance has recently dropped to 86.  This means
that the Banks-Northeast group is underperforming the market.
   Another hesitation I have is with banks generally.  I like to see companies
whose earnings growth is fueled by strong revenue growth.  Banks have been
doing well due to an anomaly in the interest rate environment rather than an
increase in their core business (consumer loans).  They are able to profit
from the unusual spread between the low Fed funds rate and the higher interest
rate paid by US Treasury securities.  But borrowing money from the Fed only to
turn around and buy Treasuries -- this is not what banks are about.
   I am nibbling on this stock, then, on the strength of the DESI(tm) buy
signal, but I expect there will be other DESI(tm) buy signals within the
next few weeks that I will like much better.  You might want to wait.
   Germantown ranks in the top 4% of all stocks in terms of 5-year earnings-
per-share growth, and in the top 20% in terms of relative strength, according
to Investor's Business Daily.
   Germantown is a savings bank with 29 offices in Philadelphia and
surrounding areas.  In March '92 Germantown acquired Springfield Federal
Savings Association from the RTC.

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----------------------------------------------------------------------------
   This issue of The Aggressive Trader(tm) may be copied and distributed
freely.  Please pass it around!
   The Aggressive Trader is edited and published at irregular intervals, but
at least monthly, by Kenneth L. Deen ("Ken Deen"),  P.O. Box 4791, Santa
Barbara, California 93140, (805) 565-2039.
   Ken Deen, his 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
profitable or will equal past performance.  The information in this
publication is collected from sources believed to be reliable, but neither the
accuracy nor the completeness of this information is guaranteed.  
   The Aggressive Trader, Deen Earnings Surprise Index, DESI, and DESI-3 are
all trademarks of Kenneth L. Deen.
   Copyright (c) 1992 Kenneth L. Deen. 
			      -END-