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Strategies & Market Trends : Technical Analysis - Beginners
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To: Chris who wrote (7148)11/30/1997 8:08:00 PM
From: Robert Graham  Read Replies (1) of 12039
 
I discovered that playing the market and working as a contract consultant requires me to have a sense of humor. If I lose that, then, well, it ain't pretty!

I have taken a look at the Murphy newsletter. It looks like the oil secto has broken support. They continue to slide with commodities (CRB Index). But some high-tech leaders like MSFT, IBM, CSCO appear to be exhibiting good relative strength. Airlines and utilities are doing well. The blue chip stocks apparently from foreign investment are doing well. This is a very good sogn considering the troubles we have been hearing about. Money is still moving into the "defensive" group of stocks which inlcude utilities and consumer staples. This also includes the foods like Hershey, Nabisco Holdings, and Campbell soup. The recent performance of the blue chips is attributed to the "Santa Claus" rally that has been predicted to occur at year end. However, Murphy notes that the blue chips are moving into oversold terratory, and it is time for the broader market to catch up. Otherwisem this year end rally can falter.

I do not know about you, but I do not consider this a "rally". It is more of a mild "wave and smile " by the market letting us know its still alive. But until the market sucessfully challenges 8000, I will not take this rally seriously. I will see it more as part of the market's consolidation effort. However, the NASDAQ index along with the recent strength showed by some of the high-tech leaders are IMO good signs.

Bob Graham
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