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Strategies & Market Trends : Tech Stock Options

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To: Jack T. Pearson who wrote (43763)	5/22/1998 7:32:00 AM
From: donald sew	Read Replies (1) of 58727

INDEX UPDATE ------------------------------ Just finished my analysis and we have substantial divergence amongst the indexes. DOW - UPPER MID-RANGE SPX - UPPER MID-RANGE OEX - UPPER MID-RANGE BKX - CLASS SELL DRG - OVERSOLD XAL - OVERSOLD COMP - CLASS 2 BUY NDX - CLASS 2 BUY MSH - CLASS 2 BUY XCI - CLASS 1 BUY OSX - CLASS 1 BUY SOX - CLASS 1 BUY XOI - CLASS 1 BUY Class BUYS are just stronger oversold positions. I would not go long on any of the CLASS BUYS at this time, such is just to indicate the divergence in the technicals. We are all over the place and the short-term technicals on the DOW indexes and really girating giving no firm short-term direction. Subjectively, I think we could be up intraday but close flat or slightly down (flat=plus or minus 30 DOW points), in light of the 3 day weekend. The HiTech indexes are starting to set lower lows, as in the SOX and XCI, which is adding to the weakness in the overall market. The COMP is right now at a major support area and if it does not hold that would be a major blow to the overall market and would substantially reduce the possibility of a runup for the overall market to newer highs. seeya

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