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Strategies & Market Trends : Tech Stock Options
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To: Suresh who wrote (16566)7/24/1997 10:52:00 AM
From: Tom Trader   of 58727
 
Hi Suresh, re the drug stocks, bio-techs, the S&Ps and sentiment

>>what is your opinion on drug stocks (technically) ? Seems to me that they have entered a state of rest or consolidation. Do you see the same?<<

I think that individual issues are displaying different characteristics--for example, WLA looks great but PFE has some fairly marked divergences. If the market itself were not so strong, one could almost see some downside in a couple of stocks. I am not ready to short anything right now -- but in a week or so, if the market shows any signs of stalling, it is a possibility.

>>Money might be moving to biotech's finally..

Hope you are right--I own AMGN and am losing a little at the moment. Am going to bail on this soon any way as part of my process of lightening up.

>>9 day RSI is not confirming the new highs in S&P500

There are some minor divergences appearing -- but not enough for me to get worried--yet. The real question is how much momentum the market has to continue upwards from here.

>>Also, 10 day moving average of equity put/call ratio is getting awfully low but as others have pointed out that extremity of this ratio can be used for continuation of the longer term prevailing trend.<<

In the kind of market that we've had, it probably would be best to use sentiment indicators in conjunction with divergences in the indices.

>>Clint is calling DELL to close at 154.50 on friday.

I don't really pay attention to anyone's predictions as to where individual stocks or averages are going to close or top out or bottom --this applies to Clint, others and my own views:)

Take care
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