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Technology Stocks : Stock Swap
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To: bob wallace who wrote (9642)11/14/1997 1:42:00 PM
From: Patrick Slevin  Read Replies (1) of 17305
 
Fridays before expiration are typically bullish....

but as long as they get get the OEX to close in the low 880s then I think much of next week should be anything from a non-event to down. Most of the smart money has puts or wrote options to take advantage of the volatility. The big open interest is in the 880s and above....this suggests an OEX close of 875 or lower next Friday....to me, anyway. Things could change.

But for today, they did whip it back and forth so far. Up til 9 CT, down to 10, up to 12,

They have some momentum here....short-covering I suppose....people want to be long in case of conflict over the weekend...but it's just below a strong resistance level in the futures and was beaten back when it challenged it....just like the sellers got repelled when they hit the major support level yesterday. But if I had to guess I would say it will close at/near the highs of the day.
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