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Strategies & Market Trends : Continuing the IFMX discussion and more...

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To: Robert Graham who wrote (169)	9/11/1997 10:19:00 AM
From: Robert Graham	of 206

Continued selling with NASDAQ gapping down on today's open. This is bad news. NASDAQ has bounced from about 1633 but I do not see this continuing much further up because the gap will act aas a strong point of resistance to upward movement of the index. It looks like the Dow is also meeting resistance and has temporarily halted its tailspin. It looks like the upcycles of the steep downtrend are widening which is a good sign. This may end up breaking the slide from its current steep slope. Another negative factor is that this appears to be a breaod selloff of stock and not limited to just the Dow or NASDAQ. The Dow is at a critical juncture. It is hitting a resistance point right now. If it continues, I think it will revisit 7580 again. Right now my bets are on that it will continue down. But things can look real bad just before they get better, right? Good news is that the S&P premium is growing. Bob Graham

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