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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (44725)6/4/1998 8:30:00 AM
From: Patrick Slevin  Read Replies (1) of 58727
 
I have a problem trying to anticipate direction today.

Yesterday was fairly simple....I guessed the pattern was going to be similar to Tuesday, May 26. If you look at an intraday chart of May 26 next to a chart of June 3 they are almost identical. I use 5 minute bars.

Today is not that easy....it looks like a late rally will close the market positive...using May 27 as a guide. May 19 also has relevance but there the market had a late break.

All I can gather from these mixed patterns is that the common time for the pivot was around the 2 o'clock time frame, ET.

Whatever it turns out to be, the anticipated pattern for today would normally be up for a brief time....30 or 40 minutes, then down into the late hours and then up again. Even if this pattern plays out it's still a question of "how far" in each of the directions.

Anyway, if this were to prove out it would suggest to me that the best time to exit long call positions would be the open with a view to re-establish them (if desired) in the late going for a bounce. The 2 ET time frame appears to hold some significance for today if I am correct to use those prior days as a reference.

For my own part, I am not quite certain what I shall do with my open position and won't know, most likely, until close to 10 AM ET. I do know I will not get long...I'm just not comfortable with it.
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