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

To: MonsieurGonzo who wrote (50195)	8/18/1998 10:44:00 PM
From: donald sew	Read Replies (1) \| Respond to of 58727

INDEX UPDATE ----------------------- I listen to CNBC and other media and they make it appear to be so rosey. Hey, it is possible that the correction is over and we just go up , although I dont believe that; however we are still in a downtrend or at least a range trading trend. We just set a major LOWER LOW 2 weeks ago at 8362 and then broke it again at 8317 last week. Untill major resistance lines are taken out to the upside we are still in this downtrend/range trading trend. The first major resistance line is around 8850, and until we break that all should still be cautious. If we dont break 8850 then we will produce a LOWER HIGH which would confirm the downtrend. I have a CLASS SELL for tomorrow at the intraday highs. Do not feel that the market will run to the upside that hard before slowing down and my educated guess is the high around 8750, and which was my low end of the trading range I had called back in MARCH(9300-8750) which held for over 3 months. Of course in this wild market anything can happen, so 8850 is still possible tomorrow, but unlikely. I do not feel that this pullback will be that strong and one of the reasons I feel that way is the position of the VIX. Today it closed near 29, and I feel it is a better sell signal when it is under 22. I am really not that familiar with the VIX to the level I am comfortable with, so if anyone can comment on VIX SELL signals please do. Many may not realise it but we are not too far from the 50% retracement mark for a correction which is around 8850. Boy, that 8850 figure keeps on popping up one way or another. The average is 62% rebound of the downtrend, so lets say 50% to be conservative. Seeya