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Strategies & Market Trends : Tech Stock Options
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To: ratan lal who wrote (44030)5/29/1998 7:03:00 AM
From: donald sew  Read Replies (1) of 58727
 
INDEX UPDATE
---------------------------------

The market is still seeing technical weakness with yesterday's modest gains, such as continuing weak NEW HIGH/NEW LOWS.

However there were 2 signs of strength:
1) ADVANCE/DECLINE was positive
2) RUT and LOWER TIER NAZ was up, indicating broadening strength

I am not saying that this correction is over nor that we will start to set new highs right now, but such action is leading me to believe/confirn my original that we will just be in trading range with not much upside or downside for a while longer. In light of such do not see much movement over the next few days although the bias is slightly to the upside. Again until the technical underpinnings improve substantial or interest rates increase substantially, I do not feel that the market in the short-term (1-5 days) will be doing much, but for the time-being the market is more negative than positive.

This short-term upswing should last 2-3 days; therefore the top of this mini-rise should arrive by next MON/TUE and from that point we should start to head back down again.

Per my short-term technicals, its in the middle meaning that the market is susceptable to news/fundamentals and can go either way. I will stay with my original position that we will just oscillate intraday with only relative flatness at the close (plus or minus 30 on the DOW as we had yesterday).

Next week will be more interesting as the probablility of another short-term pullback increases. I will stay out of the market with no new positions(holding my PUT spread), until early next week where I may add on more PUTS if we continue to move up today and Monday, even slightly.

I am not a bear or a bull, just trying to play every ripple. And I still do not see the BIG KAHUANA.

Happy trading.

Seeya
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