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Strategies & Market Trends : Tech Stock Options
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To: Patrick Slevin who wrote (48582)7/27/1998 4:18:00 PM
From: donald sew  Read Replies (2) of 58727
 
INDEX UPDATE
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It appears that the CLASS 1 BUY worked and we could go up some more over the next few days.

The DOW reversed about 170 points off the intraday lows of 8856 - that is not a small reversal in points. Many will only remember that the DOW closed up about 86 points, but the actual reversal is actually double that.

Such a strong reversal but the market internals did not even improve a bit but worsened significantly. The NYSE NEW HIGHS was only 27 and the NEW LOWS rose dramatically to 315. THAT IS NOT GOOD!!!!!!!!!!!!! REPEAT - THAT IS NOT GOOD/ THAT IS NOT GOOD!!!!!!!!!!!!!!!!!!!!!!!!

The RUSSEL 2000 is still down for the day by 5 points and broke an important support line to the downside and is now negative for the year. CAUTION - THIS RALLY IS EXTREMELY NARROW!!!!!!!

Still feel strongly that, as long as no new highs in the major indexes are set during this immediate upswing, we will be heading down to lower lows.

Watch the market internals - if they do not improve significantly during this upswing - its DOWN we go. NEW HIGHS would need to get to the 200 range to maintain the uptrend, which I doubt will happen. However if we do then that would be one of the first major signs that the uptrend is still intact. I DOUBT IT!!!! Just wanted to make that clear. gggggggggggggggggggg

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