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Strategies & Market Trends : The OEX... gasp!
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To: D GALL who wrote (144)12/7/1996 7:09:00 PM
From: Stuart Briscoe   of 658
 
Well, I bought some Dec 710 and 715 Puts, so we'll see if I can make up something next week. According to T.A. charts, the market seems destined for DOW 6200. There was a lot of selling in SPY the past few days, heavy the last 2 sessions. With a double top on the DOW and the stochastics moving to a double sell signal, I still see some selling pressures. I tend to take small profits rather than hold out for the big kill and play the volatility that usually gives me at least 2 trades each day.

Barron's seems to indicate a bearish mood in the options column this weekend. They quoted a Mark Cook in their article as seeing a DOW 5000 before a DOW 7000. Other articles presented the pro/con of Greenspan's remarks. Interestingly, one article said Greeenspan's remarks last Tuesday started the downward reaction. That was the day the DOW lost 79 points.
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