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

To: Electric who wrote (48923)	7/31/1998 9:03:00 AM
From: donald sew	Respond to of 58727

INDEX UPDATE ---------------------- Right after the GDP numbers came out at 8:30 the futures rose significantly in light of the better than expected GDP numbers. I believe the street was looking for unchanged, but it came in at 1.4 growth(which indicates a slowdown though). What is important to notice is that the futures were down about 3 before the GDP numbers. Also keep in mind that the fair cash value was at 3.25 according to CNBC, so at that time it indicated some negativity at the open. I checked the news and could not find anything to bring the futures down before the GDP numbers except that the YEN is dropping again and is about to retest their recent lows. So far it does not appear that there will be substantial follow-thru to yesterday's gains. If that is actually the case then that is not a good technical sign, and actually shows weakness. I was hoping for the market to pop to 9150 range to initiate PUTs, but if I notice intraday weakness today I may initiate a small position today, hoping I can nail the high of the day. Watch the market internals. I have also noticed that recently volume were greater on DOWN days than UP days. That is also a bad technical sign. Just heard from MARIA that earlier this week there were inflows of money, but that yesterday there were outflows again. As I previously indicated I had thought THURSDAY would be up and that the top for this specific cycle would occur Friday/Monday. It would be an easier decision for me to initiate PUTs if the DOW moved up strongly today and got close to my target of 9150-9200, but I will just look for weakness with my intraday TICK-MOMENTUM ANALYSIS to initiate a small position today and add on if it does continue up. Seeya