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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (50245)	8/19/1998 11:36:00 AM
From: dennis michael patterson	Read Replies (1) of 58727

FAVORS (8/18/98 8 pm). "So far the Dow is following our forecast (summary of decline, retracement). Bradley calls foe a top 8/24 plus minus 2 days. Cycles call for a rally from 8/17 to 8/25 plus or minus 2 days. We are not sure rally will last that long. We think the rally may have further to run. Dow is overbought on the hourly chart. A pullback or correction will begin midday-- Weds (today 8/19/98). Any decline below 8663 on a print basis indicates further decline. A 62% retracement takes Dow to 8975 but we have no projections that high. Our highest projection at this time is 8860 plus/minus 59 points intraday. Traders sell longs if Dow reaches 8807. Mutual fund holders are in cash and will mreain there until we give the signal to go short. If the Dow breaks 8263 intraday anytime from here the secondary rally is over. Our BARE MINIMUM target for the next wave down is still 7390. That is a minimum: we believe the Dow will fall much lower."

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