The OEX... gasp! Message Board

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Strategies & Market Trends : The OEX... gasp!

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To: Richard J. Byrd who wrote (558)	2/21/1997 1:56:00 AM
From: The Jedi	of 658

Dick I like the idea except I would not restrict it to the OEX. I would include other stock options too. As far as the OEX is concerned this seems to be a push over from the dollar fallout, and the bonds hitting resistance. Dollar fell mainly due to profit taking. It may fall further tomorrow, and then reverse on Monday. I expect the market to go up and down tomorrow and probably remain down. There is still some bullish bias in the OEX, not enough calls were excersiced only 4000 or so. Thus there has to be some covering tommorow. Most arbs moved their positions to March already. Weird Market, both the bulls and the bears don't have enough courage, so may see some chunneling. But those damn computers can start a buy or sell program any time resistance is hit, I would look to get out at a decent level for both puts and calls. But for sure a week or two from now a new rally will start. Have to go to Dow 7000 once more. There has been a rising bottom pattern for the Dow since Dec 10 - 6268, 6442, 6656 so I expect that the next bottom should be around 6850 that is another 100 points below today, could reach there tomorrow and if we dont slide off the earth then get in for the next ride up to Dow 7000. Good Luck

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