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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (55121)	10/9/1998 6:53:00 PM
From: Compadre	Read Replies (6) of 58727

Donald, I don't understand why this thread is so bearish on the market at this point in time. May be I am missing something in my analysis. Here is what I mean: The market had the third place record volume day yesterday, and it rebounded very smartly. Today it followed through with impressive strength. As I recall, there was only three days in history that the markets volume surpassed 1.1 billion. All three day marked an intermediate term bottom, and they lasted at least three weeks. The DJI is forming a huge double bottom, with yesterday's low (if it holds as an intermediate bottom) being higher than the intra-day low of September 1. Many Indices are holding their ground just above a four or five year trend line. Among these the Dow, OEX, SPX, NDX. The Nasdaq being and exception but in extreme oversold conditions. I honestly think that the market is due for a two to three week rally, and the DOW will test the resistance at it's 200 day EMA. If you don't agree with this analysis, please tell me why. Thanks in advance. Jaime

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