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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Electric who wrote (8769)	5/21/1998 2:11:00 PM
From: Robert Graham	Read Replies (2) of 42787

Here I am suited up, and buckled in for another launch to the moon. I see through my portal smoke coming from the launch pad below as my rocket engine stands at the ready. After time goes by with nothing to happen, I lapse into unconsiousness. With a jerk, I come awake! Is this it? Is this the liftoff that I have been waiting for and has been anticipated by many? I try to look through my little window to the outside world for evidence of this liftoff. Then I realize: if I was lifting off, I would certainly be the one to know about it with megatons of thrust pushing me toward the outer atmosphere. I unbuckle to see what has happened. I look down and see to my dismay the launching pad looking back up at me. What was it that awakened me from my sleep? Then I realize I was anxiously holding my breath in anticipation of the liftoff and my oxigen starved brain lapsed me into unconsiousness. When I came awake with a start, it was simply air returning to my lungs and brain. *My advice to all of those who are looking in anticipation for that next big bull run to start any time now: remember to breathe* Yesterday was evidently a substantial rotation of monies to more defensive issues that can be found in the DJIA and S&P 500. The techs and small cap stocks were at the disadvantage in this rotation. I will be looking to see if this is part of a pattern. The funds need to do something with their cash on hand. I may be wrong here, but a cursorary look back at historical market stats reveals to me that this event may have been going on for a period of time now. If this is the case where money is moving to a more defensive position, during this time I would not be surprised to find for instance consumer staples being accumulated and cyclics being sold by the funds. I also would not be surprised if more money went into bonds. I will need to look into this further to verify. Judy, was yesterday the first evidence of this "rotation"? I understand that you have been seeing a overall distribution in the market, but the funds have to put that money somewhere. Perhaps later yesterday in the trading day we say evidence of where they have been going with that money? What do you see from your vantage point? I am basing this thinking on what I saw happen yesterday and an article at TSC written by Cramer. I do find Cramer good at observing where the money is going to in the market when he chooses to write about it. But I understand this observation of mine is preliminary. Bob Graham

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