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Strategies & Market Trends : Tech Stock Options

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To: ratan lal who wrote (45445)	6/10/1998 2:43:00 PM
From: donald sew	Read Replies (1) of 58727

INDEX UPDATE ----------------- The DRG just set a new high intraday. It is far from conclusive and needs plenty of confirmation, but it is a hint that we may be turning back to the upside. Also the OEX and SPX intraday just poked thru an important resistance line. The UTY is now at their all-time highs. These signs are all hints that we could be turning to the upside later on. The technicals are all overbought for the overall market(short-term) so there should be dipping, but these signals mentioned above may be giving the hint that the immediate pullback which should take place now/soon will not be that strong and should not establish lower lows. At this time I am interpreting these signals as hints that we will still continue to range-trade, and still holding onto the 8750-9300 range. Since I am mainly playing the OEX, feel that in light of this recent development as mentioned above, the support area in the 529-531 should hold for the immediate upcoming short-term pullback(1-5 days). Seeya

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