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

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To: dennis michael patterson who wrote (20255)	4/1/1999 1:22:00 PM
From: Robert Graham	Read Replies (2) of 42787

AMZN quickly filled gap up and is remaining under water. Yet another sign to start taking profits in the Internets which should of begun before today. YHOO went into a tail spin yesterday on the intraday chart. This stock lead the tech sell off. This market has the potential to sell off more. Gaps up on key stocks was predictable in order to facilitate an interim bottom in the selling. Yesterday prices quickly dropped at a key intraday support in order to facilitate a bounce in the market which did happen. Do not confuse the bounce yesterday and the interim bottom today with market strength. After multiple unsuccessful attempts at 10000 with one failed attempt at remaining above this mark, I have become more bearish short term on the market. The Internet "bellweather" AOL was even starting to break down yesterday but managed to stay above its intraday low. The gap up you saw at the open was definitely not enthusiasm. The gap up with this and other stocks was an attempt to help the market put in a bottom. Do not confuse the two. The gap was filled in short time. This is no sign of enthusiasm. You just got lucky today. Gap ups can be noted in MSFT, AOL, YHOO, AMZN, INTC, SUNW, TXN, EMC, and other notable stocks. Current market action and sentiment does not support this broad based gap up. Subsequent price action also does not support enthusiasm driven pricing. IMO this was a mark up of stocks that was not sentiment driven. Most all of these stocks closed their gaps, and only a few saw buying after the gap was filled. Most all are in congestion right now. A few notable stocks are underwater like AMZN and AOL. The breakdown of YHOO should of been your first alert that something was up. The following rather steep market sell off in DJIA, SPX, and NASDAQ indices that did not respect important intraday supports should of been a second clue. The filled gap today on many key stocks should be confirmation that this is a downward biased market and more selling can come. Short term sentiment in the market is now negative as it first showed up in the DJIA price action. No enthusiasm to be found here. The breakdown witnessed today had its signs all the way up to minutes before it occured intraday. There were also signs on an interday basis. The DJIA is in the worst shape. It is important for the S&P 500 to hold above a key support that once broken would move it right back into its length trading range that it broke out of earlier. I am beginning to see volume validating downward moves by stocks and indices. I am also seeing a move of money to blue chip type of stocks in the NASDAQ market. Now I need to get my tape feed working in order to validate some of my observations. Bob Graham

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