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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 ()7/21/1999 10:12:00 AM
From: John F. Summa   of 62
 
OptionsNerd.com Morning Briefing
Wednesday, 7/21/99

Market Comments: Overseas equity markets are lower. S&P 500 futures
pointing to a slightly higher opening for U.S. stocks. (S&P 500 Futures are trading 2.19 points above fair value).

Sell the news is in force as earnings continue to pour in ahead of
Greenspan's Thursday testimony at 11 a.m. on the Hill. Downside
momentum picked up sharply yesterday in a big trend day down (led by a
techs sell-off) which, unfortunately, we were unable to participate in
as the market got away from us before we could find a low-risk entry
point. Nevertheless, we will let the market come back to us and attempt to step into a put position for further downside, as key support has been broken. We may see some consolidation today ahead of Greenspan, but the odds are high that we will continue to slide lower before finding support.

_________________________
Outlook for U.S. Equities

Short-Term Outlook
(1-3 days): Bearish
Medium-Term Outlook
(1-4 weeks) Neutral-to-Bearish
Long-Term Outlook
(8-16 months) Bearish

______________________
Financial and Overseas
Equity Markets
(8:41 AM EDT)

Paris CAC 40: -1.29%
Frankfurt DAX: -1.25%
London FTSE-100: -0.80%
Japan Nikkei: -1.48
HK Hang Seng: +1.33%
$/Yen -.10% [8:20 EDT]
$/DMark -.30%[8:20 EDT]
30-Year T-Bond Yield: 5.89% (+.28%)[8:51 EDT]
S&P 500 Futures: +.70 8:49 EDT]

Comments: Overseas equity markets are lower. S&P 500 futures pointing
to a slightly higher opening for U.S. stocks. (S&P 500 Futures are
trading 2.19 points above fair value).
_______________________________________
OEX Options, S&P Futures and Stock News

OPTIONS-More S&P downside signaled, extent unclear (Reuters)
biz.yahoo.com - Jul 20 5:23 PM EDT

U.S. debt futures end higher on weak stock market (Reuters)
biz.yahoo.com - Jul 20 5:42 PM EDT

US stock index futures end down, led by techs (Reuters)
biz.yahoo.com - Jul 20 5:32 PM EDT

________________________
Major Averages and Indexes
(Previous Close)

N/A
____________________
OEX (S&P 100) Daily Data

High=728.04
Low=708.23
Close=710.03
Change=-18.01 (-2.5%)
Pivot=715.43
Pivot 3DMA=725.47
10-Day Average Daily (Outside) Range=12.16*
R1=722.63
S1=702.82
R2=735.24
S2=695.62

*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=1416.70
High=1418.30
Low=1383.00
Last=1387.40
Settlement=1387.50
Change=-3050
_______________
Market Internals

NYSE Volume=757 Million (+)
NYSE Breadth= -1174 (-)*
NYSE Up/Dwn Vol Ratio= 0.28 (-)
NYSE 10-DMA Adv/Dec Ratio=N/A
NYSE New High/New Lows=N/A
TICK=+367
TRIN=1.53

*NYSE cumulative advance-decline remains in bearish decline, as do
cumulative advance-decline lines for all major U.S. stock exchanges
(data not shown here).
________________
Market Sentiment

Equity Only Put-Call Daily Ratio=.48 (+)
Equity Only Put-Call Ratio 10-DMA=.41 (+)
OEX Put-Call Ratio Daily=1.39 (-)
OEX Put-Call Ratio 10-DMA=1.29 (+)
Total CBOE Put-Call Ratio=.63 (+)
Total CBOE Put-Call Ratio 10DMA= 0.54**
VIX=22.41 (Previous Close=19.47 ) (Change= +15.10%)

**Bearish
_________________
OEX Trade Positions

OEX1: Flat OEX. No trades.
_____________________________________________________________
**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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