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

To: Patrick Slevin who wrote (34794)	2/7/1998 11:00:00 AM
From: donald sew	Read Replies (2) \| Respond to of 58727

INDEX UPDATE ---------------------------- The short-term technicals are indicating that we could start pulling back as early as Monday, the latest being Friday. My analysis is now stating that this pull-back will not be a small one. By FEB expiration we could see 8000 or lower. Right after FEB expiration date there will be a small upswing of 1-3 days and then down again to at least the lows at expiration or lower. My first major support I see now in the DOW is at 7800, and the next one is at 7550. It is too early to tell if we will get to the 7550 range, but the possibility that we could get near/to 7800 is good. I am well aware that the majority believes that the market will continue up. Just look at the PUT-TO-CALL ratios on some of the major stocks like MSFT, DELL, CSCO, CPQ, etc. The CALLS far out number the PUTS. However, many do believe that the such is a contrarian indicator. I have been noticing severe overbought situations for over a week; however feel much strongly that the turning point is within days. I will be getting out of my OSX CALLS and going very strong on the PUT side. I will hold my current PUT positions in WFC and XAL. The BUY-IN day for the overall market is TUE/WED. Will be adding to my PUT postion starting tomorrow. On Friday when the DOW was around 8200 obtained DJX MAR 84's for 2 5/16. For the new positions I will be acquiring this week, they will not be that far in the money and may just go with FEB's. Seeya