				Ken Deen's
			 THE AGGRESSIVE TRADER(tm)
	    "Seeking double-digit profits in one to four months"

			      BUY/SELL ALERT
                                                               P.O. Box 4791
Vol. 1, No. 97                                       Santa Barbara, CA 93140
October 23, 1992                                              (805) 565-2039
3:00pm New York time                                  CompuServe: 72020,2050


   Stock+Options Account (editor's personal account):  No trades

   Stock-Only Account (editor's personal account):
      * Today I sold 350 Columbia First Bank at 14.  I bought these
        shares on July 15 at 14 3/4.

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

   DESI(tm) Buy/Sell Signals:  None

   Other Trading Ideas (these will not be tracked in monthly reports):
      * Buy CSF Holdings Inc. (CSFCB, $35.75)


Columbia First Bank

   I am selling at a slight loss because:
   + I have held the stock for over 3 months.
   + Earnings were reported recently.  Although they were very strong (63
     cents vs. 18 cents), the market reacted very little.
   + It is not a DESI(tm) stock, and I want to raise cash in anticipation
     of more DESI(tm) buy signals over the next few weeks.


CSF Holdings Inc.

   The DESI(tm) market barometer is giving a red light; however, red lights
are wrong about 50% of the time (green lights are much more reliable).  If
the DESI(tm) market barometer were favorable, CSF Holdings would be a DESI(tm)
buy tomorrow.
   The stock has been trading from the high 20's to the mid 30's since mid-
July.  Yesterday it broke out of this 3-month base to close at 35 3/4, a new
closing high, on 2.8 times average volume.  This breakout coincided with a
very strong earnings report, the latest in a series of very strong earnings
gains.
   According to today's Investor's Business Daily (p.16):
   "The Miami-based banker has been busy making acquisitions this year, taking
advantage of the Resolution Trust Corp.'s large inventory sale.  In March,
CSF made two acquisitions in Richmond, VA worth more than $100 million in
deposits.  It also bought two branch offices and $74 million in deposits in
Miami."
   I have profitably traded this stock with my own money earlier this year.
It appears now to be starting to make another run.
   The P/E two weeks ago, when the stock was at 33, was 4.6.  As of
yesterday's close, even though the price is higher, the P/E dropped to 4.0.
   Here are the outstanding earnings numbers for the last four quarters.
(The stock is splitting 3-for-2, payable Monday, and the earnings numbers 
reported in today's paper are post-split.  I am converting these to pre-split
numbers because today's stock price is pre-split.)

	Quarter
	Ended    Earnings-per-share
	-----    -------------------
	Sep 30   2.90 vs 1.31  +121%
	Jun 30   2.67 vs 0.48  +456%
	Mar 31   2.58 vs 0.27  +856%
	Dec 31   0.68 vs 0.01 +6700%

   CSF has an earnings-per-share rank of 96 (on a scale of 1 to 99) from
Investor's Business Daily and a relative strength rank of 98.  The
"Finance - Savings & Loan" group has a relative strength rank of 94,
according to the Oct. 16 edition of Long-Term Values.  That's down from
99 on Sept. 11.  This loss of group relative strength is a negative;
however, 94 is still very high and I suspect the group is not out of gas
yet.

       <Stock chart appears here in printed version.>
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   This issue of The Aggressive Trader(tm) may be copied and distributed
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   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-
