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

To: Kevin Walsh who wrote (34653)	2/4/1998 6:08:00 AM
From: donald sew	Read Replies (2) \| Respond to of 58727

INDEX UPDATE -------------------------- Yesterday was the buy-in day for PUTS on almost all of the INDEXES, at the high of the day, and almost every index was a CLASS 1 or 2 SELL. The market is very strong right now so any pullback will probably be taken as a buying opportunity; therefore the downdraft should be minimal. Here is the good news for PUT players - every major Asian market is down today with the exception of Singapore which is only up .52%. No major pullbacks as compared to the huge runups of 10% a day, but the big 3 (JPN, KOR, HK) were all down. I would interpret this pullback in Asia just as profit taking, but the media may make it sound worse, which should help us PUT players. Right now all of the major European markets are also down slightly, so that should also help the PUT players. The bulk of the profit taking should actually happen today, but it did try to start yesterday in the morning, but the strength of the market was evident when it closed up nicely at its high. There were definite confirmed reversals signals in the IIX, XAL, DRG, PNX, HCX. For those playing the long side of the market, this pullback will only be enough for the PUT players to do their CHICKEN TRADES. In light of the strength of this market, I may be initiating CALLS to form stangles, if the XAL pulls back 10-15 points/WFC pulls back 5-7 points. The technicals were extremely high, and with the foreign markets mostly all down, although slightly - if this market does not pullback even a little - I QUIT. GGGGGGGGGGGGGGGGGGGGGGGGG seeya