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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (14010)8/5/1998 8:23:00 PM
From: Robert Graham  Read Replies (2) of 42787
 
I second your call on this. I have looked at the EOD on my charts. Does anyone realize that the DJIA was BELOW its 200 day MA be yesterday's close? It has now closed at its 200 day MA not making it above this very important MA? The NASDAQ and S&P 500 both have bounced off of their 200 day MAs without developing into a strong rally. Several key stocks looked to be moving into a buy signal (actually a short covering signal) based on the Stochs which was aborted or postponed at least for another day or two. It is rare to see this type of behavior in a situation like this.

If this market does not rally from here and several key stocks make it back above the supports they have broken through, we are in for more down days. This means that it is possible by the end of this week to see S&P 500, NASDAQ, and DJIA below their 200 day MAs, and have this happen after a bounce that failed to follow through. Please take this evening to consider what this would mean.

I do wish everyone well here. Please be careful out there. By the way, this is what a woman cop told me recently who was guarding a bank that was just robbed. She was standing in the shade outside of the bank reading a book. Hmm.

Bob Graham
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