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

To: SteveG who wrote (40277)	4/18/1998 10:12:00 AM
From: donald sew	Read Replies (2) \| Respond to of 58727

INDEX UPDATE ----------------------- Per my previous note, was doing checking out the assumption that the corrections were happening sector by sector, and there is some truth to that. As a sector becomes overbought/CLASS SELL per my short-term technicals they are now reacting timely, as did the BANKs & Brokers & DRUGS just recently, and there are other examples. If that is the case, then an appropiate target would be the most overbought/CLASS SELL sectors, which per my technicals are: IIX - INTERNET, JUST GAVE 1ST HINT OF TURNING DOWN MSH - MOGAN STANLEY HITECH, JUST GAVE 1ST HINT OF TURNING DOWN XMI - MAJOR MARKET NDX - NAZ 100 COMP - NAZ OEX (NOT SPX SURPRISINGLY - WOULD BE CAREFUL WITH THIS ONE) CWX - SOFTWARE EGI - EMERGING GROWTH For the first half of the day most of the NAZ indexes were in negative territory. It was not untill the DOW was positive 50 points that the NAZ as a whole went positive. I am interpreting that as less strength in the NAZ compared to the DOW on Friday; therefore I am feeling that the NAZ should have a better chance of declining earlier than and possibly greater than the DOW/DOW indexes. For my friends trading PFE, the short-term technicals for the DRG and PFE are only in the mid-range, so technically there is still more upside room there. Lets see on Monday if the indexes I mentioned above show greater weakness/less strength than the DOW indexes. Seeya