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Strategies & Market Trends : Tech Stock Options

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To: Patrick Slevin who wrote (42200)	5/4/1998 11:39:00 PM
From: donald sew	Read Replies (3) of 58727

INDEX UPDATE ------------------------- It appears that the CLASS SELLS to obtain today, may have a good chance of succeeding. There were many reversal signals, and will recap them in candlestick talk (my other technical indicators also confirm the reversals) DOW - INVERTED HAMMER NDX - INVERTED HAMMER XCI - INVERTED HAMMER SOX - GRAVESTONE DOJI OEX - GRAVESTONE DOJI SPX - GRAVESTONE DOJI NAZ - SHOOTING DOJI STAR CWX - BEARISH ENGULPHING BKX - BEARISH HARAMI VIX - SPINNING TOP There were quite a few reversal signals today, and the technicals indicate a downside bias for 1-2 days, which should at least bring the technicals for the overall market to the mid-range. The technicals are not saying that this pullback will be a major one and I am suspecting a Fibinocci(61.8%) pullback with a ballpark figure of 9000-9050 over the next few days. The DOW hitting new highs was not further validated by other major indexes setting new highs. Also we need to keep in mind that the volume was relatively low and UNION Carbide helped the DOW by about 20+ points by itself. I was out for most of the day, so I was unable to post my trade. I got OEX MAY 545 PUTS @ $4.75. I chose the OEX this time since it was the weakest of the major indexes. Here's a guess - Thursday up , say 50+ points Seeya

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