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

To: Jay Scott who wrote (53581)	9/23/1998 8:14:00 AM
From: donald sew	Read Replies (4) \| Respond to of 58727

INDEX UPDATE ------------------------------- Right now the futures are up 10.50 so it implies a strong opening, but keep in mind that the futures were up 12 before yesterdays open to end up a mixed day overall. I have the NAZ as a CLASS 2 SELL which is weaker than a CLASS 1 SELL. The buy-in day should be either the highs oftoday or tomorrows. My short-term technicals for the DOW and SPX are still in the middle, so no firm direction, although the futures do indicate up. If the DOW and SPX moves up intraday, but does not close near the highs it will be a hint of topping out. Keep in mind that its hard to call when my technicals are in the middle. The Asian markets should continue up 1-2 more days, if there is no bad news to stop their short-term uptrend, and some of them should start their reversal to the downside by FRI/MON. The European markets are basicly in the same boat. In light of such, today should be up with negativity starting as early as tomorrow, but the higher probability is for FRI/MON to start the reversal downwards. There still is a possibility of one more attempt to break 8095 before the reversal downwards, although with yesterdays flat performance in the DOW the probability of a break/retest of 8095 is diminishing. At this time I am suspecting that FRI/MON may be a good time to initiate PUTs again. Hey, Im normally off by 1 day. NAZ has regained about 56% of its loss from the AUG highs of 1874, and 40% of its loss from the JULY all time highs of 2028. The DOW has regained about 37% of its loss from the AUG highs of 8753 and 25% of the JULY all time highs of 9367 Just to keep it in perspective, using Jerry Favors figures, the average rebound after a strong pullback is 62% before reversing down again - we are still substantially below that figure. So for those who are concluding that this recent move up is a sign that we will rebound strong back to an uptrend and retest the highs before the end of the year - well lets just say that such conclusion is premature. seeya