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

To: donald sew who wrote (28912)	11/19/1997 8:17:00 PM
From: Nancy	Read Replies (2) \| Respond to of 58727

Don, It closed at 114 today so it will go test next level soon. yes, OSX has up so much that profit taking - esp by institutions is inevitable - Fidelity basically owns(ed) 5-10% outstanding shares of almost everything in that index, plus many smaller players in the group, to give you an idea. It is possible this guy falls another 20% - dont know if we have OSX last year ? the group had a violent correction back in Jan 97 also after a huge run. may be we can use it as an example ? I couldn't even get any index chart in public domain. i.e. $SOX etc. btw, I dont find IQ chart (public domain) has $osx ??? and you can get it thru IQ suit ? thanks.

To: donald sew who wrote (28912)	11/20/1997 2:20:00 AM
From: Fred Weiss	Read Replies (1) \| Respond to of 58727

John Murphy's commentary today: Update for Nov 19, 1997 MARKET IMPROVING The upside turnaround that started last week appears to be continuing. A number of short-term technical indicators turned positive during Monday's rally. The first major test is taking place in the S&P 500, which is challenging its November 5 intra-day peak near 950. The Dow is nearing a test of similar resistance at 7765. Both indexes need to close above those levels to turn their short-term tends higher. The bad news is breadth was negative and the rally was largely confined to large stocks. The Russell 2000 closed lower. A stronger dollar, especially against the Japanese yen, may also have contributed to the stock rally. BONDS BREAKOUT December T-bonds jumped to a new contract high today. Wednesday's decisive close above 119 pushed prices to the highest level since late 1995. The next upside target is a challenge of the 1995 peak near 122. Two other intermarket factors supporting bonds are a bullish breakout in the utilities and a continuing breakdown in energy prices. The Dow Utilities jumped 2.69 points today to register the highest close in four years. Unfortunately, one of the casualties of the energy breakdown was oil service stocks which continue to fall. OIL SERVICE INDEX BREAKS SUPPORT Our Chart of Interest for November 18 showed the PHLX Oil Service Index (OSX) approaching a critical test of its October low at 118. Unfortunately, that index lost another five points today to close at 116. That technical breakdown suggests that an intermediate top has been completed in that group. Part of the rationale for the selling may be the two-month low in crude oil prices and a continuing breakdown in natural gas. January natural gas undercut its October low and has fallen to the lowest point in three months. STOCK LEADERS The PHLX Bank Index (BKX) gained 13 points (+1.89%). JP Morgan (JPM) is bouncing hard off its 200 day average. Citicorp (CCI) and Chase Manhattan (CMB) are back above their 200 day lines. The best performing Dow stock is Disney (DIS) which hit another record today. Two other Dow stocks that are close to four-month highs are General Electric (GE) and Procter & Gamble (PG). Copyright c 1997 MURPHYMORRIS, Inc. All rights reserved