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

To: Dwight E. Karlsen who wrote (40261)	4/17/1998 6:06:00 PM
From: donald sew	Respond to of 58727

Dwight, Actually I stated 9100-9200 as the top, and originally it was closer to 9100. The action today definitely surprised me, in light of the futures be down so much last night. My charts are not yet updated but I would have to guess that most of the indexes will be back in the overbought region, per my short-term technicals and quite a few will be CLASS SELL status again. Back when the the market was down at the end of last year, I had made mention of TECHNICAL DELAYED DIPS(double bottom), where it would become a CLASS 1 BUY for the upside and it would just pop up 1-2 days(suckers rally) and retrace to approximately where that original CLASS BUY signal occur to rebound to the upside more convincingly. So I am comtemplating if that is the case now in reverse, going thru a TECHNICAL DELAYED PEAK(DOUBLE TOP). Of course the other possibility is that we are just zooming right along to the upside, which per my short-term technicals is saying that such is less likely. If you recall, I had called a CLASS SELL for yesterday and it did pullback; therefore I conclude that the timing of my short-term technicals are on. If it is a TECHNICAL DELAYED PEAK, then it is likely that the pullback would resume MONDAY or TUESDAY. If Monday is up huge again, then I have to conclude that we are just going up and up. I do have some small/inconclusive hints that it could just be a TECHNICAL DELAYED PEAK. Take a look at the NDX, MSH, IIX. These were CLASS 1 SELLS for today's movement, and they were relatively flat in light of a very strong market. Of course, this is not conclusive but just little hints. Well, I am still in my MSH MAY PUTS which I got yesterday when the index was at 541 about, and I am still holding to see what Monday brings. Seeya