Stock Attack -- A Complete Analysis Message Board

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

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To: dennis michael patterson who wrote (20991)	5/7/1999 1:33:00 PM
From: Robert Graham	Read Replies (1) of 42787

I am still expecting the market to break out on the upside. But I am concerned about follow through. Many of the charts I have looked at show a pop up is possible, but generally I see technically weak charts. Sentiment will have to save the day here with the movement of money back into the Internets in order to sustain a short term run. The market has been in a congestion pattern with a bias to the downside. NASDAQ did not rally when money attempted their predictable move back into the Internets. The good economics report did nothing to appease the market's concerns. The market filled its gap up at open today. There is significant technical damage to the market in its leadership which we have been seeing the results of. Interest rates are in an uptrend testing new highs. All bad signs for the short term. Other key stocks like MSFT, INTC, YHOO, AMZN, and AOL IMO continuing to perform poorly. GE sold off earlier and is now consolidating with a recent upward bias which is at least some good news. This can be said of some of the tech stocks. Still the picture given by the daily chart still looks weak with a downward bias. Looks like the NASDAQ is moving up to challenge 2505. A break through this would indicate direction with a target of 2540. Then a break through on a daily basis 2545 can result in a strong move up. This is where follow through can be evaluated to monitor the health of the rally. I do think there still is potential for more downside. Perhaps one thing a trader can do right now is select some key stocks for a trade and see if they prove themselves out on paper. Have these stocks oriented toward the type of stocks that you normally would trade. If they do prove themselves out, then look for a real money trade. This will keep focus on the market without the risk of exposure in this market. Just some thoughts. Bob Graham

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