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Strategies & Market Trends : Waiting for the big Kahuna
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To: bobby beara who wrote (24527)8/17/1998 5:40:00 PM
From: donald sew  Read Replies (3) of 94695
 
Bobby,

>>>>>>>> The bears still have one slim last shot, we just bounced off the upper line of the symetrical triangle @1082. Need to take that out. On the bears side the internals today are still pretty weak.<<<<<

As for the DOW's trendline it is also right at 8575-8580 right where the DOW closed. Also it is at the STAIR-STEP RESISTANCE around 8600.
8 of the last 9 trading days, the intraday high stayed very close to 8600 - the only exception was that a spike to 8710.

I cannot say I am overly confident of that, since the market broke 2 immediate short-term resistance today at 8500(200 day moving average) and 8556(Fridays highs), but that is not to say that they were strong resistances either.

Also the market internals were not just poor, but actually awful in light of the DOW being up 150 points at the close. The ADVANCE/DECLINE was barely in favor of the Advances, and there were 324 new lows and only 34 new highs.

Now heres the funny thing. I bought the OEX AUG 530 PUTS for 5 3/4 when the OEX was at 532.96 around 3:00. At about 3:45 those PUTs went to around 4 x 4.25 when the DOW was still rising - but at the very end there must have been some buying, and maybe quite a bit of buying since my options closed at 4 3/4 x 5(bid/ask), and the the OEX closed at 534.05, a whole point higher than when I bought it. So my PUTs actually went up 1/4 with the oex going a full point in the wrong direction. Is this a little hint of whats to come tomorrow???????

Lets see if the STAIR-STEP works.

Seeya
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