OptionsNerd.com Morning Briefing
Tuesday, 7/27/99
Market Comments: Overseas equity markets are mixed (Europe higher,
Asia mixed). S&P 500 futures pointing to a strongly positive opening
for U.S. stocks. S&P 500 futures are trading currently 8.90 points
above fair value.
Ebay earnings beat the Street, bonds are firm, and techs are higher in
pre-market trading. With the selling overdone, we may get a relief
rally, especially with put/call ratios having moved to short-term
bullish, and medium-term neutral to bullish (equity only).
NYSE volume fell again yesterday after dropping on Friday from
Thursday's levels, which indicates that selling pressure is backing
off. Also, daily range of the broad market has been contracting at the
same time.
Yesterday, the broad market wanted to rally, but was dragged down by
techs in another blood letting. If techs can manage a rally, the broad
market and blue chips should move higher given good leadership.
As always we will alert you to a possible OEX trade.
Please note: The Morning Briefing is now posted at the OptionsNerd.com
homepage, so if you have not received it in your email box by 9:15 EDT
(due to ISP problems here or on your end) you may view it there.
Happy Trading!
Today's MIRC trading room channel name is: #SPOEX4789
The password key is: JEGO
You would type them on the same line with a
space when prompted: (i.e., #SPOEX4789 JEGO)
_________________________
Outlook for U.S. Equities
Short-Term Outlook
(1-3 days): Neutral
Medium-Term Outlook
(1-4 weeks) Neutral-to-Bearish
Long-Term Outlook
(8-16 months) Bearish
______________________
Financial and Overseas
Equity Markets
(8:43 AM EDT)
Paris CAC 40: +.26%
Frankfurt DAX: +.64%
London FTSE-100: +1.61%
Japan Nikkei: -.16%
HK Hang Seng: +1.62%
$/Yen +.28% [8:20 EDT]
$/DMark +.28%[8:20 EDT]
30-Year T-Bond Yield: 6.02% (-.24%)[8:55 EDT]
S&P 500 Futures: +10.00 [8:57 EDT]
Comments: Overseas equity markets are mixed (Europe higher, Asia
mixed). S&P 500 futures pointing to a strongly positive opening for
U.S. stocks. S&P 500 futures are trading currently 8.90 points above
fair value.
_______________________________________
OEX Options, S&P Futures and Stock News
U.S. stock index futures end lower as techs falter (Reuters)
biz.yahoo.com - Jul 26 5:17 PM EDT
U.S. debt futures end calm day slightly lower (Reuters)
biz.yahoo.com - Jul 26 4:16 PM EDT
___________________________
Major Averages and Indexes Changes
(Previous Close)
DJIA -47.80
DJTA +1.83
DJUA -0.06
SPX -9.18
NASDAQ -73.30
NDX -68.51
TYX +.30
____________________
OEX (S&P 100) Daily Data
High=699.75
Low=692.24
Close= 692.91
Change=-5.97
Pivot=694.97
Pivot 3DMA=698.89
10-Day Average Daily (Outside) Range=12.08*
R1=697.70
S1=690.19
R2=702.48
S2=687.46
*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=1363.10
High=1367.50
Low=1352.60
Last=1354.30
Settlement=1354.80
Change=-800
_______________
Market Internals
NYSE Volume=616 Million (-)
NYSE Breadth= -1047 (-)*
NYSE Up/Dwn Vol Ratio= .62 (+)
TICK=+325
TRIN=.75
*NYSE cumulative advance-decline remains in a long-term 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=.49 (-)*
Equity Only Put-Call Ratio 10-DMA=.45 (+)**
OEX Put-Call Ratio Daily=1.54 (+)
OEX Put-Call Ratio 10-DMA=1.27 (+)
Total CBOE Put-Call Ratio=.70 (+)
Total CBOE Put-Call Ratio 10DMA=.60 (+)
VIX= 25.91 (Previous Close=23.76) (Change= +9.04%)
* Bullish
**Neutral to Bullish
_________________
Trade Positions
OEX1: Flat OEX. No trades. We missed a nice one, but there will be many
others. Stay tuned for our OEX end-of-day signals email update, which
begins Monday, July 26, 1999.
7/26/99
SP500 Futures (Emini)
Long @ 1363.75
Stop Out @ 1362.00
-1.75
See Short-Term Position Trades Update for End of Day Signals.
_____________________________________________________________
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. |
