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Strategies & Market Trends : Tech Stock Options
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To: Patrick Slevin who wrote (50180)8/18/1998 7:22:00 PM
From: donald sew  Read Replies (1) of 58727
 
INDEX UPDATE
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Unfortunately, for those playing PUTs, today was not the day, but it appears that tomorrow should see some pullback or at least flatness.

My short-term technicals are now at CLASS SELL status. If we are in a range trading trend or a downtrend, either one, this CLASS SELL should work. If we are in a strong short-term uptrend it may not produce that large of a pullback, but it will still pullback. Therefore it is not a question of if we pullback but how much of a pullback and for how long.

My analysis is indicating that this pullback which should start tomorrow should last till the the beginning of next week and the top should arrive around TUE/WED. This specific short-term pullback may not be that strong and should only be in the 150-250 point range drop off of tomorrows highs. At this time I feel that it will take us to the 8500-8600 range again, but it will not be a smooth transition. It will not be one of those with 3-4 straight down days, but more of a an up and down motion.

Seeya
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