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Strategies & Market Trends : Tech Stock Options
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To: flickerful who wrote (49399)8/6/1998 2:36:00 AM
From: donald sew  Read Replies (2) of 58727
 
INDEX UPDATE
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I was one of the early birds in expressing bearishness, and if I remember correctly I started around March when I started noticing that the NEW HIGHs/NEW LOWs ratio was heading down. So I have been expressing concerns of bearishness for quite some time and have had many discussions with the BULLs which until now was the majority.

Now that the market did a nice dump, all the BEARS are now out and all I hear is talk of CRASH/ 1929 comparisions/ doom and gloom.

Dont get me wrong, but I am still quite bearish to the market and have not changed my position. My concern is that it appears that the BEARS now have the blinders on and I really do not see alot of objective analysis.

I too feel we are going lower, but I will do my best not to allow that to bias my analysis. We need to watch for the technical signs of further downward movement such as support lines breaking or supporting and the same for resistance lines, and plenty of others. to just say we are heading to 7500 or wherever is not all that objective.

TAKE THE BLINDERS OFF AND WATCH THE SIGNALS CAREFULLY.

As for the next few days we should still see strong struggles between the bull and the bears, so there may not be immediate follow-thru of todays 185 point bounce. Many may feel that if we are not up big tomorrow that this bounce is over - that may not be correct. Check how the market performed after the OCT bounce.

I will get out of my OEX CALLs if the DOW breaks 8450 to the downside or if the market internals gets worse(actually would be better to so slight improvement). I am only looking for a temporary bounce, since for the meantime, i feel the market will head lower in he bigger picture.

Seeua
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