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Strategies & Market Trends : Tech Stock Options

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To: j g cordes who wrote (53378)	9/21/1998 8:22:00 AM
From: donald sew	Read Replies (3) of 58727

INDEX UPDATE ----------------------- It is quite obvious that we will be down hard today. Have noticed that some are already expecting a bounce. According to my technicals we have 2-4 more down days depending on how low we go. The faster the market goes down in price the shorter the down period. The first key support is at 7650 which could be tested today. If it breaks thats a key negative, since the DOW will be breaking its short-term upward trendline. Please keep in mind that I normally want to see a break of 50 points to consider a break as being significant. If 7650 is broken then we could then test 7500 during this down cycle. The DOW futures are now down 181 points. If the DOW closes 75% off the intraday lows today, then there is a possibility of a bounce tomorrow, but if it does not (which is more likely) then we should continue down into tomorrow. A key to watch is of course the market internals and I would concentrate on the volume. If today's selloff is on high volume, thats not a good sign. Seeya

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