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Strategies & Market Trends : Tech Stock Options

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To: Patrick Slevin who wrote (37857)	3/31/1998 11:02:00 AM
From: donald sew	Read Replies (1) of 58727

Patrick, As per the short-term techicals indicated, the DOW & SPX just approached the oversold area yesterday. I was hoping for one more down day or at least flatness, before going long. Additionally I just feel it is too dangerous to start a new long position with the FOMC news coming out at 2:00 today. If there is a sell off after the FOMC meeting and nothing dramatic is stated, then I may go long. Just want to point something out, my short-term technicals are getting its timing back. Since the NAZ was no lower than the mid-range, it will be approaching overbought range today (if it closes at the highs) and would become a CLASS SELL in 1-2 more up days. At that time the DOW would be approaching overbought if we continue up 1-2 more days. If this was to happen the overall market will become a CLASS sell bby the end FRI/MON. Keep in mind that the timing is coming back to my short-term analysis. That would put us at the 2nd week of APRIL. Keep in mind that the timing of my short-term technicals are coming back to normal. If I do not get a window to sneak in on the long side I will just wait till next week to initiate PUTS. Seeya

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