Stock Attack -- A Complete Analysis Message Board

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

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To: TradeOfTheDay who wrote (13364)	7/29/1998 11:27:00 AM
From: Robert Graham	Read Replies (3) of 42787

Looks like this is a highly speculative (volatile) market right now. It looks like anything that moves up is being jumped on by the novice at the beginning of the next day. A characteristic pattern is developing here. Take IBM for example. The stock moves up some the previous day. Next day it GAPs up. This market is still in control of the "weak" hands. IMO moves up made by the market should be faded in this environment. INTC is starting not to looking good. I hope those of you who are playing INTC at least took half of your profits yesterday or right at the beginning of today when the stock was above 86. If this stock retests and moves down from here, I would close out your position in this stock. We will know very soon now. MSFT is having trouble making it above 112 3/4. If this stock continues down, we may be seeing further losses in this stock by the end of the day. DELL is not looking good either. It made a gap up at open which was immediately closed and now it is at its low for the day below the open and a 1/4 point below yesterday's close. At this point, if it continues its move down, I think DELL can be posting further losses today. AMZN dropped down to a critical intraday support at 116. If it moves further, it will continue down. YHOO is looking the best at 180 between it and AMZN. However, it has dropped from an intraday support at 183 today. I think it is on its way down to test intraday support at 175. We will see where it goes from there. The above is my morning read on some key stocks in the tech area. If stocks like INTC and AMZN and YHOO break down, I think we will be seeing the DJIA moving down to at least 8750 and possibly lower. The above stocks have shown an unusual resilience which IMO has helped to keep the market from further losses. When they break down, the door will be opened for further losses in the market. Oh, and it loooks like CMGI just bit the dust with further losses to come. WCOM is holding just below an important intraday resistance which is a previous gap. It is now between the two gaps. Support by the second gap is at about 51 1/2. If the stock closes down below 51 1/2, I think it will continue down. My MACD gave a sell signal at the end of yesterday's trading. So I think the direction for this stock is biased downward right now. Bob Graham

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