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Strategies & Market Trends : Tech Stock Options

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To: HairBall who wrote (58049)	11/24/1998 10:11:00 PM
From: donald sew	Read Replies (4) of 58727

INDEX UPDATE -------------------------------- I am starting to feel more comfortable in calling a mid-term top soon. Per a previous update I mentioned that we should see another spurt up with the end-of-month rally/window dressing that should bring us into the 1st week of DEC. The month end rallys commonly start during the last 2 days of the month and extend 2-5 days into the following month, which would cover the first week of DEC. I have not yet gone short yet since I feel this immediate dip will not be that strong, but the next one will be stronger if a DOUBLE TOP (AROUND 9375) is formed. My technicals indicate that selling should start by the 2nd week of DEC and as early as towards the end of the 1st week in DEC if a DOUBLE TOP does form. This is what I noticed today. The hottest sector right now is the Internuts, and it would not be that illogical of a conclusion that when the hottest sector starts to top off, it could be a strong hint that the overall market could also be topping off (MID-TERM OF 30 DAYS). It is hard to explain since I have notice something unique with my techinals concerning the major internuts. My technicals actually indicated that a short/mid-term top occured for the internuts last Fri. I know, that cant be since the internuts have gone up since then. My technicals are not solely based on price, and there are few occassions that my technicals are heading down while the price is heading up and vice versa. Well, my technicals have not gone up since last Friday for the internuts even though they have. The best way to explain it is by the size of the pullbacks off of the intraday highs. Yahoo closed 17 points off the intraday highs, and AMZN was 19, and EBAY was 24. Such strong pullbacks off the intraday highs confirm what my technicals were telling me. I believe the internuts have hit a mid-term top(30 days) at todays intradays highs. Could a mid-term top also hint a mid-term top soon in the rest of the market - possibly, since it is the strongest sector. Seeya

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