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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Compadre who wrote (10426)	4/9/1999 2:27:00 PM
From: Robert Graham	Read Replies (2) of 99985

Actually YHOO is one of the negatives I have been seeing in the market, and to me it is a significant negative. Then there is that a movement of money out of the techs and the NASDAQ market itself that IMO has not returned to any large degree. I hope to see the return of this money over the next couple days. This indicates to me that possibly a change in the psychology of a group of the NASDAQ traders has happened. New terratory is being explored. Anything that shows price movement up is attracting them. Pickings are getting more sparse. The secondary issues they moved to with the techs are beginning to show signs of thinning out participation. And the breakdown of YHOO may keep them away for a longer period of time. For instance, key stocks in the techs are not able to break to new ground today. Many have been for a period of time now sitting below significant resistance, and in some cases a distance below their previous high. Furthermore, particularly with the Internets, there is a distance down to significant support. I am not convinced yet that a pullback will happen, but perhaps a pullback is in the making. The underlying strength to the market I have talked about does not track with the market day-to-day. After a sell off or period of congestion it usually reasserts itself as rising prices. This underlying strength was evident before the initial breakout of the market that has lead to this "rally". I think at this point a pullback would be a healthy thing for the market. But I do not want to see that type of pullback that Donald Sew is talking about of up to 10%. This would send the DJIA back down to 9000. Any thoughts on this? Bob Graham

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