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

To: Tom Trader who wrote (28758)	11/18/1997 3:31:00 PM
From: Jerry Olson	Read Replies (1) \| Respond to of 58727

TT Nah, it's that damn kid Kevin....he never listens!!! :>} Just got a nice report on the semis....They LOVE KLIC!!!!! From Mogan Stanley....ooooooooohhhhhhh yeah!!! I LUV KLIC TOO<g> As far as your concerned, I feel like WE have been in a brawl!!!!

To: Tom Trader who wrote (28758)	11/18/1997 5:07:00 PM
From: donald sew	Read Replies (3) \| Respond to of 58727

INDEX UPDATE ------------------------ Today's retreat of 47 points of the DOW is healthy on a technical basis, for the overall market to continue up, and should not be taken as a possibility of retracement to the recent lows. As I have indicated in the past, an important key, but not the only one, to show that we are moving up more is higher highs. Here are only a few examples based on Monday's data, but there are plenty more: 1) NDX - broke above previous peak 2) OEX - broke above previous peak 3) DRG - broke previous peak and came within 2 points of new high 4) PNX - setting new highs with strength (today up 11 points) 5) DJ30 - just slightly broke above previous peak I have calculated the next support for the DOW is 7575/7600. This is not to say that it will get there, but that it should be the bottom just in case. Technically, the specific Hi-Tech Indexes (other than NDX) have yet to break their previous highs/next resistance line. If one is buying stock or HiTech index options(DEC), these levels would be good to start acquiring positions. As for stock options in the Hi-Tech area would go futher out to be cautious. I'm posting a day late since I was traveling. As of Monday's data the SHORT-TERM technicals were basically overbought accross the board. So today's relatively normal drop was in line and in accord with the technicals. The data for today has not yet been updated, but from some quick calculations the SHORT-TERM technicals are now in the upper mid-range with only a slight bias to the downside. Remember, whenever they are in the mid-range they can go either way. The techncals are fully back to normality whereby they are predictable. There were 2 indexes which were up today, showing divergence amongst the indexes which is one sign of a healthy technical environment. They were the CEX and the PNX(up huge today). If the DOW does get to the 7575/7600, without devestaging news, then I would suggest that one seriously consider getting into new long positions, although acquiring new long positions can start now. The market looks very healthy, and that the correction is over. This does not mean that it could not pull-back a bit more to the 7575/7600 range. I am in the IIX and TXN currently with DEC calls. On purely a technical basis, I preferred the IIX over the SOX due the IIX showed better strength relatively speaking. Seeya all.