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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: TradeOfTheDay who wrote (13276)7/28/1998 10:30:00 AM
From: Robert Graham  Read Replies (2) of 42787
 
I think your focus on the market is very smart. Its close above 9000 is not as convincing as it looks. This morning pullback will help tell us the strength behind the rally by seeing what support levels are respected.

WCOM is an impressive stock. Many stocks would of tanked below its support by now, but on each dip below an important resistance or key price level is met with a recovery and close above it by the end of the trading day. It is struggling to remain above its gap support.

Look at how DELL and INTC are up today. INTC has gapped up and is looking strong. But DELL needs to be watched closely too. Its Stochs is in sell mode with it meeting support that can at least provide a continued bounce to the price. MACD was in a strong sell mode and now is flattening below its signal line. I would say DELL is at a juncture right now where it can continue to head down from here. DELL is not ready to meet overhead resistance if it remains above its 20 day MA. There seems to be anxious money looking to make continued profits in this market. So there are many that apparently like to dance on thin ice. INTC looks like in the best condition right now, and yesterday it has broke out from a consolidation pattern of about 1 and a half weeks in duration. WCOM needs some additional time to reveal to us where it is heading.

So I would put my money on INTC if you are a risk adverse player in the market. But like you said it is better to wait this market out. I wonder how Ameritech is looking?

Bob Graham
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