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Strategies & Market Trends : Tech Stock Options
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To: B.REVERE who wrote (52976)9/17/1998 10:38:00 AM
From: ViperChick Secret Agent 006.9  Read Replies (1) of 58727
 
<<<< Anyone who watched the banking committee
working over Gman and Rubin realize that Congress is currently
opposed to the refunding. >>>>>

the B Boyz knew that yesterday.....which for the believers of the manipulation theory (and yes folks there is plenty of evidence that the big boyz do that...even on the indices..remember that brokerage house that was fined for manipulating an index for options expiration)....makes the rally yesterday in hind sight even more suspect......

or if you arent a believer in the manipulation theory...then the rally yesterday and now subsequent fall off today shows how "interconnected" we are with the international markets....quoting alan I am a bear chernoff on CNBC



+Tom Trader (4218 )
From: +Arik T.G.
Thursday, Sep 17 1998 9:12AM ET
Reply # of 4237

Tom,

>>The question now is whether we are going to hold the 7400 level -- if we end up
testing it this go around.

I disagree.
The question is if we are indeed going to test the lower trend line (today Dow 7630;
OEX 481; SPX 986 and rising) and is it going to hold.

To the former - I don't know. let's see if we pass the mid point (today SPX 1017) first,
that will change things a bit.
To the latter - Most probably yes. If we get that low again, IMO we're bound to a new
low.

BTW,
On August 25th the market traded and closed over the 21 dma, for the first time since
the July top. On that day the market made a local high and reversed, and in the next four
days it made its biggest decline in years.
Yesterday we traded and closed again over the 21 dma. Today we face a -2% open

ATG
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