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Strategies & Market Trends : Tech Stock Options
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To: Patrick Slevin who wrote (35429)2/24/1998 7:31:00 AM
From: donald sew  Read Replies (1) of 58727
 
INDEX UPDATE
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Just a technical tid-bit.

For the last 5 trading days the spread between the intraday highs for each of these days was not more than 27 points.

Here are the intraday highs for the last 5 days starting with 2/17:
8446 8451 8449 8424 8446

Obviously this is a basing formation, and since it is at the highs of a run it normally means topping out. Hey, no one has to remind me that we are in one of the strongest momentum runs, and that this may be the base for the next runup.

Since the NAZ has run-up so well yesterday, it just puts it that much more in the overbought range.

In light of the above, the probability is that today should have some negativity in it, at least intraday if not at the close.

I will not put my money behind this one, but I predict that today's highs for DELL will be the highs until Thur, and that it should pull back 2-4 points off of its highs, not yesterdays close (specifically today's highs which should come before 1 PM).

Seeya
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