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Strategies & Market Trends : Tech Stock Options
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To: craig crawford who wrote (32060)12/30/1997 8:56:00 AM
From: donald sew  Read Replies (2) of 58727
 
Hi Craig,

Not sure what you mean by a sucker's rally. Did you mean that it would drop immediately, meaning today?

I had previously indicated that a major key is if the market pierces the DOW at 7819, SPX 954, and NAZ at 1553, which were the previous peaks. If they do not break thru to the upside then I believe that we will be setting new lows and that I will reduce my trading range to 7300 as the bottom of the DOW from 7550. If they do pierce those resistances then we will stay in the trading range of 7550-8100.

I do agree with you that the weakness yesterday in the SOX is of concern, but at this time I am getting mixed signals to both the up and down side; therefore I do not have a clear strong direction, except that the current bias is still to the upside but would not say it has alot of strength.

Please be more specific in what you mean as a sucker's rally and where you think the top is and why?

Happy New Year
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