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

To: Patrick Slevin who wrote (45289)	6/9/1998 8:23:00 AM
From: donald sew	Read Replies (3) \| Respond to of 58727

INDEX UPDATE --------------------------- Well finally am getting onto SI and the NET with consistency. As indicated previously the top for this short-term rally should either arrive today or tomorrow. The short-term technicals are now in the overbought region and some CLASS 2 SELLS to obtain at the high for today. I prefer the CLASS 1 SELLS which will just make it a bit more overbought. If the DOW is up subtantially intraday, then that would probably be a OK time to start to initiate PUTS again, otherwise will wait till tomorrow. If the market tanks today, well then I missed it, but feel that we could have another relatively flat day(at the close) today as we did did yesterday (PLUS OR MINUS 30 DOW POINTS). If we are slightly positive, the better buy in day(PUTS) will be tomorrow. If we are slightly negative such could delay the PUT buy-in day to Thursday depending on how the market does tomorrow. Overall, this week should be more down than up, but still do not see any major movement - of course GREENSPAN could put a strong spin on things tomorrow. Subjectively, feel it ok to start initiating PUTs (small positions) before GREENSPAN tomorrow. If he says anyting negative - its obvious where the market will head. If he says something good, the market will pop, but since the short-term technicals are already overbought, such upswing should be limited. On a technical basis many PUT players may fear a strong spurt to the upside from here. Feel strongly that the current trading range of 8750-9300 is intact so far. For this specific upcycle feel that the limits are 9180 on the DOW and 1124 on the SPX. Prior to 9180 and 1124 there is one more resistance line at 9110(DOW) and 1119(SPX) and both of them held yesterday. Seeya