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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (43582)	5/20/1998 12:54:00 AM
From: Patrick Slevin	Read Replies (1) of 58727

Viewing it intuitively, I would say that the market's last chance this week for a meaningful rally would have to be Wednesday. The R areas in the SP8M is the low 20's, then around 34. My opinion. Breaking the 34 range then the market has a chance for new highs. Lop off about 4 points for correlation to SPX. The rationale for my intuitive guess on Wednesday's critical positioning is that the markets shall start getting thin by Thursday. 3 day weekends bring the traders out of the pits. So, if a meaningful rally is not sustained Wednesday then the dropoff could start to hit Thursday, leaving Friday as a mission critical day to support the 1097 area in the SP8M. An accelerating push downward from this level could well put us on a collision course with a return to the 200 DMA. But even if it did not, it should be a good drop, once it passed through the 97 S.

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