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Strategies & Market Trends : Tech Stock Options
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To: ViperChick Secret Agent 006.9 who wrote (29610)11/26/1997 12:08:00 PM
From: Tom Trader  Read Replies (1) of 58727
 
>>btw, is this one of the days we fade the pop?

K Rose--I saw this addendum just a few minutes ago -- I guess it must have been an after-thought.

Like I have said before, gap openings on the S&P futures more often than not reverse at some point--now that is not to say that the reversal has to last the whole day. I can get a pretty good feel from watching the action on the futures as to whether it is going to reverse--that is more instinctive than anything else. But a good clue is when it gaps open and then after the first 15 minutes or so, the futures are straining when it tries to exceed its opening range and/or the intra-day high at that point, it is a pretty safe bet that one will see a reversal of some sort. When it does not seem to want to reverse direction within the first hour or so, it is probably headed further into the directionof the gap. Obviously none of this is a hard and fast rule.

But this is more for the day-trader--like today, it was fairly obvious that it would not hold and if I were a day trader I would have shorted the futures for a quick 2-3 points. But day trading requires one to watch the market really close -- something that I am not into--takes too much effort.

A futures trader who I work with closely, day-trades the S&P futures several times a day and is really quite good at it. He loves the action and the feeling of completion as a trade is brought to a close. He never carries a position overnight. When one position trades, the feeling satisfaction that comes with having a completed a trade is something that one may not experience for days.

By now you probably feel that you've heard more than you ever wanted-- to a simple question:)
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