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Strategies & Market Trends : Tech Stock Options
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To: Bruce Tiemann who wrote (56555)10/28/1998 12:24:00 PM
From: Tundra  Read Replies (1) of 58727
 
Bruce,

My post was written during the morning session. So focus on that part of the chart. It is a shame you can't enlarge it, so it would become more clear. I watched it real time, so it was much easier to see. I did not see much evidence of pension fund activity in the afternoon session. The break between the sessions is represented by that long horizontal line.

The morning session started down slightly. Thus no overt huge enthusiasm at the open that could account for a "gap open."
It then proceeded to "spike" upwards in an almost vertical
fashion. First clue. While not always indicative, markets don't usually move in that straight up fashion. Usually, there are at least small zigs and zags along the way.

After the spike, the market then proceeded almost directly down for quite awhile. Second clue. Something is up. Same comments for downspiral as the upswing.

The same thing happened again to a lesser extent later in the morning session.

Unforunately, the magnitude of the initial upswing tends to get lost when viewing the day in its entirety. That is why I think, but don't know for sure obviously, that you might have appreciated it a bit more had you seen it live. The move was in excess of 100 points; a substantial vertical swing.

I hope this helps explain what I think I see. Take care.

Regards,

Tundra
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