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Strategies & Market Trends : The Options Box -- Ignore unavailable to you. Want to Upgrade?

To: Uncle Frank who wrote (6613)	10/31/2000 6:32:03 AM
From: Poet	Respond to of 10876

Hi Frank, Yes, with the Dow tacking on about 450 points these last few trading days, and being so close to major resistance, I'm thinking today we'll see strength in the Nasdaq again, as this market seems to roll in and out of sectors like a fog. From the Monday night Option Investor Newsletter: "The INDU cleared the 10,600 resistance level in the first five minutes of trading this morning and never looked back. Subsequent rallies above the 10,700 and 10,800 levels carried the INDU to one of its best finishes in recent trading. Amazingly enough, the INDU's next major resistance level lies near 11,000. Before jumping for joy, though, we must realize the INDU has gained over 450 points in two days. It's that fact that prompted Dick Arms, who called the market bottom last Thursday and spoke at the Denver Seminar Saturday, to caution of a pullback in the INDU over the next several trading days during his appearance on CNBC after market close today. Whether or not the INDU does pullback remains to be seen. Nonetheless, the recent advance of the INDU has been encouraging to witness......... lthough the NASDAQ lost 86 points today, the tech-heavy index managed to close well off its lows for the day and hold its recent near-term low at 3100, which was established last Thursday. If the NASDAQ's pattern of rolling higher while tracing relatively higher lows continues, the intraday bottom at 3149 traced today needs to hold as the week progresses. If the NASDAQ clears resistance at 3225 tomorrow, the index will face a significant hurdle between the 3230 and 3250 levels. If the NASDAQ breaks its near-term downtrend, which was established last week, it may be ready to start the rebuilding process."