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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (41664)4/28/1998 2:20:00 PM
From: Tom Trader  Read Replies (1) of 58727
 
Well I guess I closed out too soon!!

But like I tell others -- never look back.

>>This market is very confusing. I have not seen a CLASS BUY situation reverse so quickly<<

Don, my experience has been that gap opens of any consequence rarely hold when it comes to the S&P futures. This is particularly so when we gap against the short-term trend. For example, today we had a large gap up open despite being in a short-term down-trend. The odds were very high that this would not hold -- and the first 15-30 minutes will tell the story. Now if the market had gapped down big today, there is a greater likelihood that it would have held given that the short-term trend is down. But even in such a case, there is no assurance that it would have done so. But again the first 30 minutes should tell the story, if the price movement continues in the direction of the gap open, then the odds are that the gap will hold at least for the day.

This like all other patterns does not always hold -- but more often than not it does do so, based on my experience. I rarely day trade the futures because it takes too much attention and I am not sure that I am temperamentally suited to it.

I used to do so at one time--though not very successfully--and may be one day I will try and do so again.

Regards
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