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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (14536)8/13/1998 1:24:00 PM
From: Robert Graham  Read Replies (2) of 42787
 
This market is lacking conviction and is acting like its "backfilling" on a move up that was not that significant. Sentiment is still negative. Money moving to "safe" stocks in the drugs and telecoms and other "blue chip" types of stocks where many appear to be holding their own or even up a bit. The high techs are another story, particularly the speculative issues that has attracted allot of interest even in this down market. Stocks like AOL, CMGI, YHOO, and even AMZN is showing weakness right now. This is impressive with AMZN considering the short term momentum that was generated upon its breakout from its high.

So I would be careful in this market, and we are not close yet to an "up" market. I would question any buy signals that happen at this point in time until the market has demonstrated the ability to follow through on its moves up and has broken past significant resistance. The technicals are one thing, but sentiment and money flows and the broad trend are still another. Right now, it is sentiment is something that is placing a limit on any of the market's up moves. Until this changes and also shows up in the technicals of the market, I would be very careful in taking any long positions. It is a sideways market with a downward bias right now.

Bob Graham
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