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Strategies & Market Trends : Tech Stock Options
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To: HairBall who wrote (54098)9/28/1998 12:31:00 PM
From: donald sew  Read Replies (1) of 58727
 
LG,

The DOW was up about 140, but the market internals dont support it.
The ADVANCE/DECLINE for the NYSE is only 9:5, not even a 2:1 ratio. NAZ is worse. With the index up 18 the ADVANCE/DECLINE is only 4:3.
The NEW HIGH/NEW LOWs has improved slighly with the NEW HIGHs at 25 and the NEW LOWs at 76. To keep the NEW HIGHs/NEW LOWs in perspective the DOW has regained about 40% of its total loss from the 9350 highs, so we are no longer that close to the lows where many argued that the NEW HIGHs cannot improve that much. Well now we are near the middle at 40% and the NEW LOWS still out-number the NEW HIGHs on a day that the DOW is up 140 points.

The RUT is only up 2 points which is hinting that the buying is not broad based.

Let the market close at its highs, it just makes it a better short.

I am still not saying that we will break 7400, but am saying that the market will pullback very soon, and the pullback should be at least 50% of the upswing, and could still do another retest of 7400-7500 range.

Seeya
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