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

To: Patrick Slevin who wrote (37838)	3/31/1998 7:30:00 AM
From: donald sew	Read Replies (2) \| Respond to of 58727

INDEX UPDATE ------------------------------ The DOW and many of the DOW INDEXES have been negative for 4 days straight, which is the first time since this rally began in JAN. The DOW & SPX have just entered the OVERSOLD region, and the NAZ is now in the MID-RANGE, per my short-term technicals. As I have stated in the past - my short-term technicals are more based on time than they are on price. At this juncture of the technicals, the market can easily reverse to the upside. I realise that many will say, especially those who are playing puts, that there should be a bigger pullback in price. The best thing that could happen now is for the market to drop more substantially today, which then will be a buying opportunity for a long position, but don't expect huge gains above the recent highs. We should at least get back to or near those highs and even exceed it slightly prior to MID-APRIL, but not much more. Again, this bull-trend and rally is still intack, but we are definitely slowing down and the top before a stronger pullback is close. After mid-april the earnings and interest rates will determine further direction. If we still continue up, the the TOP will occur in MAY. It strongly appears that the we are developing a ROUNDING TOP CHART formation. With this type of pattern the topping process takes a bit of time. If there is a strong dip intraday, I will be going long. Watch those interest rates, they are getting very close to 6.00%. If interest rates do get to 6.15% by mid-april as the trend channel indicates, it will give added fuel for a strong decline. It will also indicate that the rates will continue up further since it would have set another higher high at 6.15%. Seeya