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Strategies & Market Trends : Daytrading OEX options with a method, not a trading system

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To: John F. Summa who wrote ()	7/14/1999 9:27:00 AM
From: John F. Summa	of 62

OptionsNerd.com Morning Briefing Wednesday, 7/14/99 Market Comments: Overseas equity markets are mixed. S&P 500 futures pointing to a positive opening for U.S. stocks (S&P 500 Futures are trading 5.00 points above fair value). June PPI indicates no inflation pressures, and Intel's outlook appears positive following the company's earnings release yesterday (despite missing concensus numbers). Other earnings news is mixed to positive. Given the lack of a catalyst here, we may remain in a narrow trading range today with an upside expiration bias. It is doubtful that there is enough juice here to push to new highs (see below) and, other the other hand, there isn't anything seemingly in today's economic or earnings news to push stocks lower below support. Could be another dull day. As always, we will keep you posted regarding any trade signals. Please note: The Morning Briefing is now posted at the OptionsNerd.com homepage, as well. Happy Trading! _________________________ Outlook for U.S. Equities Short-Term Outlook (1-3 days): Neutral-to-Bullish Medium-Term Outlook (1-4 weeks) Neutral-to-Bearish Long-Term Outlook (8-16 months) Bearish ______________________ Financial and Overseas Equity Markets (8:19 AM EDT) Paris CAC 40: -1.45% Frankfurt DAX: +.75% London FTSE-100: +.71% Japan Nikkei: +.97% HK Hang Seng: -2.90% $/Yen -.35% [8:10 EDT] $/DMark +.12%[8:10 EDT] 30-Year T-Bond Yield: 5.89% (+.05%)[8:46 EDT] S&P 500 Futures: +5.00 [8:46 EDT] Comments: Overseas equity markets are mixed. S&P 500 futures pointing to a positive opening for U.S. stocks (S&P 500 Futures are trading 5.00 points above fair value). _______________________________________ OEX Options, S&P Futures and Stock News Most U.S. debt futures end firm, eye on reports (Reuters) biz.yahoo.com - Jul 13 4:11 PM EDT U.S. stock index futures end lower (Reuters) biz.yahoo.com - Jul 13 5:16 PM EDT ________________________ Major Averages and Indexes (Previous Close) DJIA:-0.2% DJTA: -0.8%* DJUA: UNCH S&P 500: -0.4% NASDAQ: -0.4% Russell 2000: -0.3% NYSE Comp.: -0.3% AMEX: -0.4% Transports failing to confirm DJIA new highs--bearish divergence. ________________ OEX (S&P 100) Daily Data High=721.86 Low= 715.76 Close=719.79 Change=-2.07 (-0.3%) Pivot=719.14 Pivot 3DMA=720.72 10-Day Average Daily (Outside) Range=11.52 R1=722.52 S1=716.41 R2=725.25 S2=713.03 To project today's high/low, add this value to the low of the first hour of trading (=projected day's high) and subtract it from the high of the first hour of trading (=projected day's low). These projected levels would apply if a daily trend develops outside of the first hour of trading. This is not an exact science, but does give a basic framework to help with trading decisions. _______________ S&P 500 Futures Settlement Prices Previous Trading Day SEP99 (Spoos) Open=1408.10 High=1409.00 Low=1396.50 Last=1403.30 Settlement=1403.70 Change=-540 _______________ Market Internals NYSE Volume=739 Million (+) NYSE Breadth=-497 (-) NYSE Up/Dwn Vol Ratio=0.7 (-) NYSE 10-DMA Adv/Dec Ratio=1.09 (-) NYSE New High/New Lows=67/60 (-) TICK=+582 TRIN=1.13 NYSE cummulative advance-decline remains in bearish decline (data not shown here). ________________ Market Sentiment Equity Only Put-Call Daily Ratio=.45 (+) Equity Only Put-Call Ratio 10-DMA=.366 (+) OEX Put-Call Ratio Daily=.95 (-) OEX Put-Call Ratio 10-DMA=1.17 (-) Total CBOE Put-Call Ratio=.58 (+) Total CBOE Put-Call Ratio 10DMA=.0.49 (+) ** VIX=20.23 (Previous Close=19.84 ) (Change=+1.96%) * Bearish Bearish _________________ OEX Trade Positions OEX1: Flat OEX. No trades. _____________________________________________________________ ATTENTION OEX TRADERS! The dates for the OptionsNerd.com's next OEX Weekend Trading Seminar (in beautiful Greenwich, CT) have been set: Sept. 17-19, 1999. We are taking a limited number of traders. Stop flying blind with the OEX. Eliminate pilot error before it eliminates you! Click here optionsnerd.com for seminar topics, schedule and sign-up info. Disclaimer: Trading is risky business. Past performance can never guarantee futures results. Trade at your own risk. All losses are your own.

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