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

To: ViperChick Secret Agent 006.9 who wrote (46837)	6/24/1998 11:35:00 PM
From: Dwight E. Karlsen	Respond to of 58727

I'm not real jazzed up either, AMZN went up again, now at +130% for the month, and RIG went down, and they're expected to make $4.01 per share in 1999. this market is nothing but a giant momentum play, fundamentals mean nothing. Last week the dollar soared to a multi-multi-multi year high against the yen, and our mkts ran scared. This week the dollar is once again pushing to new highs against the yen, but it's not worth a passing mention, because our mkts could care less. sorry to hear you're not feeling well...get well CatBabe. answer the pm whenever...S. DK

To: ViperChick Secret Agent 006.9 who wrote (46837)	6/25/1998 7:27:00 AM
From: donald sew	Respond to of 58727

INDEX UPDATE ----------------------- Rechecked and per my short-term techs the overall market may now be in TECHNICAL BREAKOUT MODE. Once the short-term techs get to these levels my short-term analysis becomes skewed and sometimes useless. I then need to revert to mid/longer-term/other analysis to attempt to make some sense of things. With TECHNICAL BREAKOUTS, which already started with the NAZ, one really does not know where it will stop. It could end immediately on the dime or continue to the moon. Prior to setting up my PUT SPREAD I had the inkling that we were on the verge of a TECHNICAL BREAKOUT in the NAZ and with spillover to the NON-HiTECHS, so instead of buying a straight PUT, I went with a small PUT SPREAD of only 3 contracts. I normally do not indicate the volume I purchase but in this case I did to illustrate that there are times to be conservative and I truly believe this was one of them since I had the feeling that the trend was changing. The trend has changed from a downtrend back to a range trading trend for the DOW, and it may be possible that we may be back to the strong uptrend as we had from JAN-MAR, as hinted by new highs/near highs in the SPX, OEX, NDX, OEX, IIX, XCI, etc. Since I am not a E-WAVE theorist, my approach will now become more linear, watching for resistance lines to be broken to indicate further upmovemets. In the past I was really more concerned with time than targets which was based on my short-term technicals. However, if we actually have reverted back to the strong uptrend mode as in JAN-MAR then whenever I got a CLASS SELL signal per my short-term analysis the market would still dip, but only by a big 50-100 DOW points. In light of such my short-term system is not as effective; therefore if the strong upstrend appears/continues I will revert to a more linear approach. I see the next resistance at 9070-9094 for the DOW, lets just say 9075 since thats a number I can remember. ggggggggggggggg For the time being I do not feel the DOW will be heading to 10,000, at least not yet, and feel that the top is 9300 for now. As for the SPX and OEX = 1170 & 575 as interim tops. I am not saying it will get there this cycle. The key now is the size of the next short-term pullback. Will it be one of those JAN-MAR 50-100 point intraday pullback or something more substantial. For now I believe the pullback will be larger than just an intraday dip. If the 8600 support line holds on a intraday basis (dont think it will even get close to that) it will indicate higher lows and confirm the UPTREND/RANGE TRADING TREND. The next support lines for the DOW are at 8860 then 8750. If the 8750 support holds, if it gets there, that would indicated an even stronger up movement. I will be waiting for the dip to go long, just hope there is a dip soon without the market running alot higher. Seeya