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

To: Patrick Slevin who wrote (47326)	7/7/1998 9:42:00 AM
From: donald sew	Respond to of 58727

INDEX UPDATE --------------------- Basicly if we dont dip today or at least stay flat (PLUS OR MINUS 30 DOW pts), this market will start trading in a higher trading range. Still do not feel that we will be heading alot higher, say over 9500 for the short/mid-term. The market internals did improve yesterday; however it still needs confirmation. If the internals continue to improve the market should move to a higher trading range. One of the main KEYs to moving alot higher is whether the DOW can breakout, which at this time it does not appear to be able to set new highs; therefore concluding for the time being that we will remain in a trading range, whether the trading range moving. The overall market is overbought for the short-term, so the key is how much do we pullback. Do we pullback 50-100 points like we did during the strong runup during JAN-MAR, or will it be larger than that. For the time being feel that the dip should be larger than just 50-100 points. If it is only 50-100 points it would be a technical sign that we should be going up stronger and could break out of the trading range but needs confirmation. Seeya Seeya