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Strategies & Market Trends : Tech Stock Options
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To: David Weis who wrote (48650)7/28/1998 8:48:00 AM
From: donald sew  Read Replies (1) of 58727
 
INDEX UPDATE
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Right now the futures are down 5, but we all know that such can change dramatically as it did yesterday when the the futures were down about 10 and we reversed about 170 points off the lows.

The difference between yesterday and today is that we are already 170 points off the lows which shows a 33% rebound of the recent pullback.

This is not to say that we could not move up, but it is unlikely to have a follow-thru of the same magnitude we saw yesterday. Frankly I hope it does run hard so I can initiate PUTS. I feel the highest the DOW will get during this upswing (2-5 days) is 9150-9200. If the DOW gets in that range, whenever, I will initate PUTS.

The key to watch today is the market internals. As I indicated previously, the market internals need to improve DRAMATICALLY to reverse the negativity in the market. We would need something like the NEW HIGHS to immediately(within days) to get back in the 150 range to slow down the negativity and get back to the 200-300 range to reverse it. Keep in mind that yesterdays NEW HIGHS was only 27.

I am still calling for the top of this cycle to occur during the 4 day period of JULY 30-AUG 4, with a few more days of flatness or normal up(50-75 point range). Do not see anymore 100+ points days for this cycles as we did yesterday.

If today has no follow-thru of yesterday's gain and closes negative, i will interpret that as another small hint that the 8570 support line may not hold.

I am not a PERMA BULL or BEAR, but I have not been this bearish in my short time of trading.

Seeya

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