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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (13508)7/31/1998 12:06:00 PM
From: Robert Graham  Read Replies (5) of 42787
 
The market is demonstrating once again its lack of conviction when it comes to its rallies. AOL and IBM not doing too bad, with stocks like YHOO and DELL and INTC pulled back to intraday support. CMGI following through which is impressive. This stock is offering a good bounce. Pulled back from significant itnraday resistance at 73. WCOM not looking good but still above intraday support. MSFT consolidating above intraday support.

All in all, most of these stocks are holding their own with WCOM looking the worst on the itnraday charts and CMGI looking the best but with IBM in the best position for a continued follow through. So CMGI made a good bounce play from its steep decline, but IBM made has made for a good breakout play. Now tell me, which one do you think has had the better profit to risk profile? I am talking about a position play, not a day trade. Day traders approach their trades in a much different way.

If this market does not continue its move up Monday, we may be seeing more down days next week. For that matter, what we are seeing today is not a good sign and not representative of a healthy market. It is a bit premature to think new highs will be made by this market in the near term.

Bob Graham
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