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

To: Stoctrash who wrote (43968)	5/27/1998 10:02:00 PM
From: SE	Respond to of 58727

I have been reading that this was a reversal day. I somehow am not buying it. Normally a reversal day has abnormally high volume. I have been trying to find volume records to see if today was abnormal, but I don't find anything. Normally a reversal day occurs after a large run-up in price or a large downtrend. I am talking about an extended period of time....I have not seen that to the downside either. We are only 4% off the of the highs in a few weeks, hardly an extended downtrend. Finally, one day reversals are not major trend implicators in that we don't go straight up or down after a reversal day. Normally there are several days to weeks of choppy action and chart building before a return to a trend. I think we will probably re-test the 1100 level on the SP8M. I think we might even go through it, but not on a closing basis. I think the market will be heading lower over the next couple of weeks. This was not a reversal day...it was a day of breaking through the 50 day EMA and then pulling back to it to re-test....it will not hold. The OEX closed above the 50 day EMA, the DOW and SPX did not. I don't know why the OEX closed above and the rest did not, but I would presume it has to do with some stocks that are included in the OEX that are not in the DOW and less weighted in the SPX. In any event this market is still sick and getting sicker regardless of today's action. A test of 1100 on the SP8M should provide a good shorting mark. Just my two cents! -Scott

To: Stoctrash who wrote (43968)	5/27/1998 10:13:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (4) \| Respond to of 58727

here is a great joke but I am posting the link not the joke as the joke caused an uproar on the compaq thread ;-) dont go if you are easily offended...hey what am I saying...this is the TSO thread.... exchange2000.com and somehow I dont think this joke is too far off the mark... _______________________ how come I never get to see the good Pacer games...the ones I see SUCK did you see the look on Bird's face when Miller hit the game winning shot Monday. larry bird just had a very stoic face.... If it had been me you would have seen it on my face and all over my body a la OJ style...