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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: j g cordes who wrote (27575)	10/31/1997 5:03:00 PM
From: donald sew	Read Replies (1) \| Respond to of 58727

JG If the market gets to 3250-3300, I wont have any money for calls. I must have been on drugs when I wrote that

To: j g cordes who wrote (27575)	10/31/1997 5:26:00 PM
From: donald sew	Read Replies (4) \| Respond to of 58727

INDEX UPDATE --------------------- Made an observation that the market, per today's close is only slighty down from the close of Tuedays big runup. ........... TUE .............FRI --------------------------------- DOW.....7507..........7443 NAS......1603..........1593 SPX........919............915 Everyday there are more and more technical signals that the market is returning to normal trading, which I interpret that as a decline in the probability of the market getting back to the lows of Monday(6950-7000). As of this point I am calculating the low in the 7250-7300 range, but I am inclined to increase it depending on further confirmation. It is still too early to confidently state that we are heading in a triangular oscillation pattern; however there are some slight signals hinting such. Currently the technicals for the overall market is now in the mid-range, with a very slight bias to the upside for Monday. When the technicals are in the mid-range the market can go either way, and the directional bias really does not mean that much. Just the slightest bad news can send the market down when the technicals are in the mid-range. As for trading for Monday, I will still not take any new positions yet and probably a good strategy for next week is to play straddles or strangles, since there is still enough volitility. I will start loading up on calls if the market approaches 7300-7350, and will just average down if it goes down further.