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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (31658)12/21/1997 9:28:00 AM
From: j g cordes   of 58727
 
Hi Don.. gut wrenching day yes. I'm showing we're nuetral on a 180 day chart of the OEX, having just passed through the middle on stochastics with a bounce off an oversold in momentum and rsi.

As Friday's selling and rebound occured in the shadow of an expiration following nearly ten days of weakness I'm simply tying a string around the whole package with a note that says ".. down leg in a horizontal channel begun in August between 472 and 438." This is the third top failure. The pattern we are forming here is commonly known triple top or rounding top__ if we go up we'll have a broadening formation (which tends to break upside or downside the range).

Its expected that earnings will continue to be shy of stock valuation expectations... if we rally going into next week I'd be selling at OEX 466 area as I think OEX 427 is next support and target (might take the first week of January to get there because of "bargain hunters").

Jim
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