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Strategies & Market Trends : Tech Stock Options

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To: Riskmgmt who wrote (32933)	1/12/1998 4:47:00 PM
From: donald sew	Read Replies (2) of 58727

INDEX UPDATE ----------------------------------- The low for day for the DOW was a negative 130 and it closed up 66 points. Today was a definite reversal day of about 200 DOW points. Technically, tomorrow will be up again not considering the news from earnings and Asia. As I indicated previously, Asia should have a reversal starting tonight, although it may not appear that way unless the markets are positive. To explain, technical reversal signals can take place without the individual markets closing above the previous days lows. I will be watching for reversal signals tonight. Now the question is how much higher do we go. Per my technicals, I have lower my trading range to 7350-7900 for the mid-term (5-30 days). Currently we are in a mid-term down trend, so any uptrend could be limited and downtrends exagerated. As a guess, we may have another 100-200 points to the upside before the next pullback or flat period, unless there is more bad news; thereby a reversal could start earlier. I am still looking to initiate PUTS tomorrow or Wednesday, seems like I have been saying that for years. gggggggggggggg Seeya

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