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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (20912)5/6/1999 1:09:00 PM
From: Robert Graham  Read Replies (1) of 42787
 
Looks like it has been a market still biased downward. The NASDAQ continues to not respond to the bottom it has put in. This includes tentative gains in the Internets. money is still not committing to the market. This is a nervous market which can turn around quickly. But the more time goes by without a turnaround, the more likely the market is to sell off. The market may be waiting for the economic report that is to come out for Friday.

The long bond has not been helping here. But what intrigues me is the day trader of NASDAQ. I do not see the normal bullishness that happens as soon as th storm passes. Instead we had an additional sell off followed by the market wallowing in congestion. When this bullishness disappears, even for a short duration, it usually means that a juncture has arrived. The response usually follows the longer term trend. We are not there yet, but we are close. Like Donald Sew, I think at this point there is more of a change to a move down that a continued rally. I think it is best to wait for the follow through on this one.

It is interesting to see how sentiment behaves with respect to the broader technical picture. Usually when sentiment has brought down the shorter tern technical picture, the sentiment can switch to rally and preserve the longer term picture of the market at a critical juncture. I think this also works in the very short term. With the Internets sentiment needs to be gauged differently as to how it responds to the broader technical picture.

Bob Graham
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