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Strategies & Market Trends : Tech Stock Options
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To: Gersh Avery who wrote (56063)10/22/1998 10:52:00 AM
From: donald sew  Read Replies (1) of 58727
 
Gersh,

Agree that cash is building up on the sidelines.

Do not feel that any pullback will be huge, but more technical in nature. Main supports are arond 8300 and 8000-8100.

The forthcoming upswing, as long as we do not pierce 7900 to the downside, could be very strong. If that rally does not break the recent highs of 8650, then we should be in a trading range, but if 8650 is broken to the upside - the market will continue up. If we only get to 8300 range on the downside of this pullback the likelihood is that 8650 will be broken to the upside. If the DOW gets to near 8000 then I would feel more comfortable with the trading range trend.

Subjectively, the FOMC meeting at the end of NOV, should keep the market from dropping too much, and from climbing too much also.

Seeya

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