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Strategies & Market Trends : Tech Stock Options
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To: Suresh who wrote (43904)5/27/1998 3:19:00 AM
From: Dwight E. Karlsen  Read Replies (2) of 58727
 
Who knows where we'll go...time will tell. If I'm terribly wrong about some kind of short-term recovery, I still have 3 1/2 weeks before I'm up against expiration.

I follow market commentary, and different strategists/analysts/technicians have been issuing cautionary warnings since the beginning of April. Sure enough, we had the first mini-sell-off on April 6th. Gradually as the water heats up, we see more and more people getting skittish/cautionary/alarmed.

But the facts are that there is no new news. Earnings in the first qtr of 1998 were about 1.7% over the prior year. The market rallied onward and upward, comforted by hopeful notes from company CFOs and CEOs about the second half. All of this is by now old news.

The market simply ran out of momentum, and is stumbling. I just don't see any trigger which would cause widespread panic, "panic" defined for this post as substantial and very aggressive selling which would create losses in the indexes taking them down to beginning of 1998 levels.
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