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Strategies & Market Trends : Tech Stock Options
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To: Patrick Slevin who wrote (41475)4/27/1998 1:04:00 PM
From: Robert Graham  Read Replies (2) of 58727
 
Given the "screaming in the streets", perhaps it will pay to look for supports that a technical rebound can take place off of?

Formula:

1. Technically weakening market
2. Pattern of decreasing breadth in fund purchases
3. A rush by funds to a select group of stocks that are in the public view

Gives you a probable market correction.

Fund not stepping up to buy on the dips confirm this view.

The earlier short market adjustment was followed by a shift in the buying pattern of the funds which lead to another top. IMO this double action by the stock market of two tops close together with small breadth has attracted some peoples attention. IMO the funds were positioning themselves for a market adjustment after the first dip.

Any comments?

On the tape, the stocks the funds have been heavily accumulating have even been showing a marked decrease in fund activity on this down day. This is further evidence that the funds have postponed any additional buying until this market correction has bottomed. The stocks to note here are the ones that are still seeing fund activity. If the stock is still seeing fund selling (large block sales) during this down day, that stock is sick and getting ready to head down.

I do see that the stocks under fund accumulation have been holding up better than the stocks that are in the hands of public money. Also the stocks taking the hardest hit are the ones that have been played primarily by the short term public speculator like DELL.

Just my opinions and observations of course.

Bob Graham
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