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Strategies & Market Trends : Tech Stock Options
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To: SE who wrote (49363)8/5/1998 5:50:00 PM
From: donald sew  Read Replies (3) of 58727
 
SE,

I have been watching the NEW HIGHs/NEW LOWs very carefully. Many will only look at the extreme negative numbers, I have a different approach.

I look carefully at the change not the absolute numbers. The runup at the end of day is not going to reflect in todays NEW HIGH/LOWS. Now if tomorrow the is not even a slight improvement, this pop that we saw at the end of the day will end abruptly, but lets say the the new highs get to over 20 and the new high drops to 400 this temporary upswing could survive a little longer.

For now, it is extremely unlikely that the market internals will improve enough to change back to a BULL TREND, but will it improve enough to allow a short-term POP - maybe.

If the market is up tomorrow and the market internals do not improve one bit or worsens then I will close out of my short-term calls. Right now I am about break even and will only need a 5-10 swing in the OEX to the upside to make it worth the effort.

Please keep in mind that I am trying to go after every ripple, where most are focused on the bigger down-trend, which strongly appears to continue.

Please dont feel that I have discounted the awful NEW HIGHs/NEW LOWs, since if you have seen my earlier notes I have mentioned the deterioation in them since MARCH. In fact I was tracking it with several different moving averages per my spreadsheet, until I lost all the data.

Seeya

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