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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Lee Lichterman III who wrote (14211)8/7/1998 2:13:00 PM
From: Robert Graham  Read Replies (3) of 42787
 
If this theory behind the use of sell programs is correct, they will not let the market dump until the institutions have exited with their money. If I had access to my tape I could of validated the exit of institutions on this market rally. But the price action appears to be behaving where there is selling into the rally.

There are resistances for many of these key stocks that show up both on the daily chart and the intraday chart. I have seen stocks like DELL and others perform a good bounce off of their intraday resistances and are now beginning to test important intraday supports. DELL is not at a strong support yet. We will know soon if ths rally will continue up before the close of the day.

Over the middle of the week the market put in a bottom. I was surprised the market took this long before moving up considering a bottom was established. But then considering the current trading environment, I should of not have been surprised. In this market, before substantial gains are made, it is very possible for the market ti come back down and retest its bottom. This actually would be a good move for the market to make before starting another rally to test significant resistances that are in its way. The question is when will the market move down to retest its lows made on the sell off? This may happen after the market attempts to test a significant resistance, like 8750.

Bob Graham
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