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Strategies & Market Trends : Tech Stock Options
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To: MonsieurGonzo who wrote (52448)9/13/1998 3:14:00 AM
From: Lee Lichterman III  Read Replies (1) of 58727
 
Concur on all counts. I wasn't implying that 1040 would hold, only that the market was trying to grow legs. Since the options ratio favors a higher close on Friday, I would expect the downturn to possibly be delayed until the week after this one, however my indicators show weakness after the 16th.

Your comment about Oil being up due to devaluation, I definitely concur as the Philly Gold/Silver index confirms. It spiked up last week as some tried to hedge currency.

This week will be tricky. I actually prefer to play the waves downward as it is much safer in this environment. However with this temporary upward bias, I may have to play the calls instead. It will be interesting to see if they try to take us up fast so they can retrieve their calls cheaply then let the fall happen as it wants. Even they may not have enough capital to hold this thing up for a couple extra days. Of course CNBC may just put a positive spin on whatever G-span says this week no matter what he really says. <g>

Something else I just noticed tonight that I found curious. Many issues tested their 200 DMAs at least intra day. However, DELL, CTXS and many others did not. Even they dipped last October so apparently the fear factor has not even come close yet. We have not found the bottom yet on this down turn and I am beginning to think it will not wait for October this time. 2 weeks?

Good Luck with your plays this week.

Lee
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