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Strategies & Market Trends : Tech Stock Options

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To: ViperChick Secret Agent 006.9 who wrote (41934)	4/30/1998 11:24:00 AM
From: Tom Trader	Read Replies (1) of 58727

lisa--like I said, the price action for a signal was satisfied in the first few minutes of trading The time factor comes into effect when we have huge gap moves like we did today. This is a precautionary element -- also built into the system--to avoid whip-saws when large gaps on the open, reverse direction. The futures were actually at 1114 when the time window was satisfied -- but I was on the phone with an attorney:)-- and could not get off the phone quickly enough. I should have closed out the short position and gone long at that point. By the time I got to my broker, it was at 1116. The move up in the futures occurred as soon as the bonds were up just over a point. I told this attorney that he needs to reduce his fee to make up for what he cost me:) Anyway, from a day trading stand-point I would say that a long trade is a safe bet if the market pulls back a bit -- say if the SPX pull back to 1114 or the DJIA to being up 115 points or so. Bonds are now up 1 1/4 points and as long as this strength is maintained, given that the stock market is oversold we should see more strength. I have to be gone this morning, so I am not going to do anything more today.

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