MDA - Market Direction Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: pater tenebrarum who wrote (10254)	4/8/1999 1:22:00 PM
From: Robert Graham	Read Replies (1) of 99985

Depends on what time frame you are considering. Yesterday was not evidence of the buying on the dips mentality. Money in a broad based sell off simply left the techs and moved to Dow type of stocks. Toward the end of the day, there was some money coming back into the techs. This morning took many of those rebounding stocks back to their low achieved yesterday for another bounce. In a bullish environment this is actually a good sign. However, couple what I saw yesterday with daily charts that show some important stocks broken past important support (YHOO for example) and others already having retested unsuccessfully their high which they have backed off from in a significant way. As long as the market stays above important support, I think we will be fine. I think the underlying bullish sentiment is still there. But I am seeing growing evidence of negative market sentiment for the short term. Even the NASDAQ Internet gambler type of public day trader had to resort to secondary issues for a trade instead of the primary issues like YHOO, AMZN and others. I do think this a normal rotation for this type of market player. I do see some of these secondary issues continuing to do well in this market. In this volatile market, it pays to be careful and keep ones perspective intact. If you wait long enough and look closely enough, you will see the evidence you are looking for to validate your opinion. This has happened to me. The next move by the market will be coming up soon. I am sure all eyes are watching the DJIA making it's new highs today which is apparently the market leader right now. No surprise here considering what I had witnessed yesterday. But as long as the NASDAQ continues not to lead the market, in my opinion this can become a more significant indication of weakness in the market for the longer term. The NASDAQ is now testing significant intraday resistance. Comments welcome! Keep in mind that I am relatively new to this intraday monitoring of the market. Bob Graham

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next