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Strategies & Market Trends : Tech Stock Options
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To: jjs_ynot who wrote (41153)4/24/1998 10:06:00 AM
From: donald sew  Read Replies (2) of 58727
 
INDEX UPDATE
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Right now the DOW and NAZ are up, and many of the BULLS are saying to buy on the dip and the BEARS are wondering why the market is not down 100 points right now.

When many of us were trying to time the top we lost out. My signals indicated sells and the pullback was a big 50 points. Now the question is will the reverse start to happen for those going long right now today. The internet stocks were all CLASS 1 BUYS (thats right BUYS, not SELLS) per my short-term technicals and right now many of them have popped up so far. The KEY is whether these stocks can get back to their recent highs, if not we are starting the pattern of lower highs to lower lows.

Subjectively the buy on the dip mentality is still here, but if they start failing the momentum to the downside should start to pickup. Unless the market exceeds the recent peaks this week, then this short-term downtrend is still in effect.

The DOW was down 30 points early in the morning and reversed about 45 points to the teens, and such action should be expected. Subjectively the BULLS are not going weaken that quickly.

The other key to watch for the probability of this pullback to continue and even increase is the interest rates.

Seeya
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