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Strategies & Market Trends : Tech Stock Options
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To: Lee who wrote (56626)10/29/1998 8:51:00 AM
From: donald sew  Read Replies (1) of 58727
 
INDEX UPDATE
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Closed out of all my PUT positions this week. I am suspecting another STAIRSTEP is developing right now which is similar to the STAIRSTEP in AUG with the range in the 8300-8750 range. I am expecting a pop to the upside to the mid/upper part of this range shortly, then back down later next week, staying within the STAIRSTEP.

The AUG STAIRSTEP was to the downside, but this STAIRSTEP can go either way.

I probably will not be playing the following upswing since I am not comfortable with the position of my short-technicals for the major indexes. The DOW is in oversold region and gave a CLASS 2 BUY signals for yesterday, but the NAZ is in the overbought region with a current reading of 85(80 and higher is overbought). Having such a large divergence makes me uncomfortable to initiate a position. The SPX is at 34 and the OEX at 29 which is in the the lower mid range. I still feel the market will move up soon, and as soon as today but in light of the divergence between the NAZ and the DOW it may be a choppy upswing, or a small upswing.

If the following dip, near the end of next week is a more unified dip and stays within the STAIRSTEP then the following upswing should be the better entry point for longs.

To recap:
1) choppy upswing to start as soon as today into early next week
2) short small dip next TUE/WED/THUR
3) stronger upswing thereafter if preceding dip stays within the STAIRSTEP(8300-8750)

SEEYA
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