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Strategies & Market Trends : Tech Stock Options

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To: Judy who wrote (14756)	7/10/1997 1:04:00 AM
From: Tom Trader	of 58727

Good evening Judy, >>Also saw Tom's caution of the market selloff I will not add to long positions during a sell signal--but I don't think that you'll go too far wrong adding positions that you want to establish--but use tight stops. What struck me most during the sell-off of the futures was the awesome speed with which they came down at one point. The thought that kept going through my mind was that this would probably be the way things play out if the market corrects significantly--the range on the S&P futures was almost 28 points just today--that equates to almost 280 DOW points--quite mind-boggling. Unless the market corrects enough, I will not establish any more long positions--will continue to liquidate long positions into strength - I am referring to equities. I will continue to take both long and short signals on the S&P futures. After having been very bullish thru the last two major rallies, I now feel that the risk-reward ratio does not justify taking long positions. Sentiment numbers have deteriorated markedly --today's EPC ratio was the lowest its been in a while. Not quite a convert to the BigK philosophy--but definitely feel that a SmallK is within the realm of possiblity. Talk to you tomorrow

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