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Strategies & Market Trends : Tech Stock Options
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To: Tom Trader who wrote (41914)4/30/1998 9:12:00 AM
From: donald sew   of 58727
 
INDEX UPDATE
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The ECI numbers were good and the bonds are up liking the numbers, and the short-term technicals for the overall market are still near the oversold range. Tack on the end-of-month rally and the liklihood is a nice rally into next week. Feel the test will be the previous peaks, as to double top formation or are we still going to set higher highs.

The FUTURES are now up 13 so we will get a strong pop in the morning.

Personally, I will be going long after some type of pullback hopefully but will keep in the back of my mind of choppy trading so I will attempt to now do day trades. I do feel that the market within a week will attempt to test the previous peaks, since the short-term technicals are still low indicating plenty of technical upside room.

Feel that if one can get in below 9050(hopefully closer to 9000) on the dow there is still room to the upside within the next week to gain a fair profit.

As for length of the upcycle feel it should last 5-8 days at which time the technicals should get to the overbought range again. Assuming that today is up we will be in the 2nd day of the DOW's up-cycle and the 3rd day of the NAZ's up-cycle; therefore we should end up in the mid-range for the DOW and the upper mid-range for the NAZ.

We are heading back to 9200 on the DOW fairly quickly. As to breaking into new highs, lets wait till we get to 9200, if/when it happens.

Should have listened to my short-term technicals earlier this week. ggggggggggggggggggggggg

Seeya
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