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

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To: dennis michael patterson who wrote (20610)	4/27/1999 1:56:00 PM
From: Robert Graham	Read Replies (2) of 42787

Interesting. A look at EBAY shows MMs operating with a form of artificially wide spreads. Many transaction going off significantly above or below what appears on the chart to be current bid-ask window. Normally I would find this to be the large transactions. But no...small onesey and twosey transactions with occasional 500 share transactions. I suspect the MM has inventory to work. Has been wanting market to move higher but has been unsuccessful. This stock will continue to go down until buying interest is found. Small transactions appear most above the current bid-ask window as purchases. Large transactions appear below as sales. So I do think there is a net large block selling in this stock with no takers at a higher price. This is forcing the price back down. But I have not seen very large block transactions. All I have seen so far at or below 5000 which is about $1,000,000 in value. Some 1000 and 2000 at values $200,000 and $400,000. I do not see this as a deluge of institutional selling. The trader in this stock appears to have a sense of value instead of trading on price movement which is a bit unusual. Also the price quickly closed the gap to then bounce and resume a downward trend. This means that there are not many day traders that have stepped up to the plate on this one batting for that breakout. Position traders anticipated a breakout and lost. Then some Pavlovian trained traders faded when the gap was closing and lost. The remaining more intelligent day traders have been playing the trading ranges that develop. More activity is being found at lower prices. Currently testing yesterday's trading range which is just above yesterday's low which was formed as a price rejection. We may see a pop by about 205 or 203. We may end up with a very long reversal bar today which can mean for the very short term either the stock trading in a congestion area or a continued downtrend. On the daily charts the MACD shows up while the Stochs was about to cross which is still showing up. The selling that started the day before is not over yet. Break down through 203 can indicate that the sell off will follow through to one of price targets listed above. Downside price targets of 191 and 177. A secondary price target of 180. So far the stock has been holding up above this key price level of 203. Update A bounce is in progress. Lets see how far this follows through. Right now stopped at an important point and looks to be forming a three bar resistance. There now is a more mixed large block market of purchases and sales. I see a tentative move beyond this three bar resistance on the 5 minute chart. Price range is extending. Looks like this move will continue up. It looks to be a good time of the day for this. 214 is the resistance it needs to break through. Oh what fun I am having with a real-time streaming graphic feed! Bob Graham PS: There is a poster here at SI that is still in the proces of learning TA but looks to be promising to me. He found many instances of charts at what he saw was a breakout point. So he assumed a big move in the market for today and this hot anticipation noted this in his posts. I suspect he meant the NASDAQ market here. Talk about reading charts with a bias toward the market! Now where are we at with both the NASDAQ and even the S&P 500? But the DJIA appears to be doing well. I personally would wait for the breakout to be confirmed before getting that enthusiastic.

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