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Strategies & Market Trends : Tech Stock Options

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To: S. Chiang who wrote (46598)	6/23/1998 10:10:00 AM
From: donald sew	Read Replies (1) of 58727

S.Chiang, This morning so far the DOW has already been up 80 points and am hearing from many that the NAZ is taking the leadership to the upside right now and will set news highs. If you listen to MARIA on CNBC, she makes it sound as if we will hit 10,000 today. ggggggggggggggg I believe the KEY to market direction would be the technical underpinnings, and even with the NAS up strong yesterday the NEW HI/NEW LOWS were still quite weak with the NEW LOWS still substantiall ahead of the NEW HIGHS. Untill the technical underpinnings start changing to the positive I am still holding to my position that we should be setting lower lows. I still do not see a huge drop in the market as it occured last OCTOBER. On the other hand there are signs of strength since some indexes are still setting news highs and one of them is a HiTech index (IIX - internet). A significant sign of strength is the fact that the NAZ has significantly surpassed its previous peak. Simply put, but more complicated, I am interpreting these pockets of strengths as one reason that we will not see a huge drop like last OCT, but a gradual decline. Seeya

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