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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (20856)5/5/1999 12:16:00 PM
From: Robert Graham  Read Replies (1) of 42787
 
I think 1315 on the SPX is where we can see another attempt at a bounce. But soon will will be going into lunchtime.

Interesting that these indices are going down in unison to the extent they have. I do not think this is normal profit taking. Money just may be leaving the market. We will find out soon enough. If this is true, we should begin to see the interest rate move down on the bond. The bond as charted by the TYX.X has gone from 54.06 to 57.33 within about one day. Hmm. This should be interesting to see what happens next. The bond market has been unusually volatile due to a thin market...so reported by Briefing.

NASDAQ is in a bad position breaking through significant support on the intraday chart right now.

AMZN and TBFC attempting a bottom right now. But the market is not on their side right now. But I do see attempts at a pullbacks elsewhere including the indices. I still think a bit premature.

As far as the SPX is concerned, it is important to beware of the countertrend that can develop during lunch. I think 1:30 PM should help to reveal the real from the imaginary in the market.

Bob Graham

PS: I obviously have been writing this post over a period of time which I have now posted.

PPS: GE apparently has bottomed.
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