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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: AlienTech who wrote (28238)	8/16/1999 9:59:00 PM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 50167

>>>>- Long OEX 695 calls at 6 5/8. Market mixed right now but I like the strength despite the negative TIC and the down trending TRIN thus far. << As spok would say.. GUT FEELING? Whats the logic in that capn.<<<<< I don't understand the question? I went long because the OEX continued to make higher highs and higher lows all morning despite a negative TICK and I was also impressed with the TRIN that was trending down (TRIN moves inversly to the market). There was no gut feeling involved in the trade. The OEX has more "leader" stocks than the regular SPX so the OEX being the strongest fit my head leads the tail theory I borrowed/Stole from another poster on the other thread. When the tail wags the dog it is bearish, when the head is leading then it is bullish. As soon as the OEX violated (actually the SPU) my support level, I bailed. I try not to play gut feels though I did think they would rally it at the end and should have went along for the ride but I was doing some chores around the house and missed the beginning of the rally so didn't want to chase it. In hindsight, I should have SARed when I exited my calls and bought puts for the rest of the ride down then SARed again on the bounce. I think it is all up to the CPI now. if it is good, watch for tech to lead tomorrow since HWP posted good earnings after the close and didn't participate in the closing bounce. AMAT and DELL report tomorrow so that will make life interesting as well. I was gone up until now so I have not downloaded my data yet and looked at any charts. I would imagine the SPX and NASDAQ formed a grave stone doji but the CPI should dictate direction for tomorrow. I am a bit concerned that MSFT, many of the SOX stocks and telecom stayed weak but GE's strength was impressive throughout the day. I'll know more when I update my charts. I just hope I don't regret not buying a few cheap puts on the close as a long shot. Gas went up again here in Idaho to $1.56 a gal. I dare them to try and cook the books for September's PPI & CPI. Good Luck, Lee