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Strategies & Market Trends : Tech Stock Options

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To: The Perfect Hedge who wrote (55538)	10/15/1998 2:03:00 PM
From: donald sew	Read Replies (1) of 58727

INDEX UPDATE ------------------------ The DOW is now at 8106 and has broken the resistance at 8084, by 20+ points. As indicated previously I would want to see 8134 to say it was a convincing break of the 8084 resistance, but its getting close. I have not yet gone fully bullish, but I am no longer as negative, short-term, as I was previously. I still see a pullback forthcoming since my short-term technicals are clearly now in OVERBOUGHT status. The top could arrive today or tomorrow. If we close near the highs, today, the overall market will be a CLASS SELL status to obtain at tomorrows highs. If we selloff strong later this afternoon then that might indicate that today was the top. How much of a decline? I now do not feel that the DOW will retest 7400 during this specific forthcoming short-term downswing. It could test it in the future, though. A conservative target for the forthcoming downswing, as mentioned before is 50% of this upswing, wherever it ends. Such would produce a HIGHER LOW and imply that the following upswing could produce a HIGHER HIGH. seeya

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