Stock Attack -- A Complete Analysis Message Board

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

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To: Robert Graham who wrote (20290)	4/7/1999 12:39:00 PM
From: Robert Graham	Read Replies (1) of 42787

Looks like indices in a broadening pattern. The NASDAQ moved a good distance down past good intraday support and found interim support at the top of the gap up made on the 5th. Looks like a bounce is in progress. No similar type of sell offs with the DJIA or SPX. The NASDAQ sell off was reflected in stocks like MSFT. INTC sold off but is demonstrating better strength by staying above intraday support. AMZN also sold off past intraday support. AOL also sold off but has validated its intraday bottom made yesterday. Hmm...wasn't there an earnings release for YHOO? So that explains why YHOO sold off as much as it did during the previous day. It now has also validated its intraday bottom made yesterday. I wonder if YHOO met or exceeded consensus, and by how much? It looks like stocks that have been demonstrating recent strength have validated their bottom that was put in yesterday. This is a good sign particularly since this list of stocks makes up some key stocks in the current market. The NASDAQ put in a price rejection which can be the beginning of a longer term bottom. I think the market is ready to move back up from here in the afternoon session. We shall see how some of these stocks will deal with overhead intraday resistance, particularly the stocks that sold off below intraday support like AMZN. I still am not liking what I see in the price action of some of the key stocks and indices. And the broadening patterns I am seeing does not bode well for the market near term. I expect the market to either remain the same by the end of the day. There is a possability of a further sell off. Tomarrow will provide a real clue here. Bob Graham

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