Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: bobby beara who wrote (22444)	7/27/1998 5:11:00 PM
From: Robert Graham	Read Replies (1) of 94695

I agree it is too premature to call this a bottom. Friday and today I was not impressed by how the buyers jumped in. The market sentiment has changed and there is no "buy on the dips" mentality that we would of seen in the recent past. Insteaed, money moved from stocks to bonds and other defensive positions like utilities. Even the oversold condition was not enough to bounce the market. The market waited for what looked to be a bottom before buying in, and still needed help with positive news from American Express and a buy program to have the rally continue forward today. For a period of time there, the market lacked conviction and direction. Not my idea of the bounce I was expecting today. Tomorrow will be more revealing as to confirming the current market direction or moving to retest this interim bottom it has made. IMO this market definitely will not make any new highs in the near future, for it has some technical damage to work off, but also we may see more selling. If the market continues to sell off by breaking through 8860, the next support is at 8750 followed by the market low at 8550. So can we say we are basically in agreement here? Bob Graham

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