Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (9082)	5/29/1998 2:13:00 PM
From: Robert Graham	Respond to of 42787

Well what do you know! It looks like the NASDAQ looked back and did not find the S&P 500 or the DJIA behind it, so now it has halted its downward progress and moved up. If the NASDAQ continues, it can lend positive sentiment to the current upward movements by the DJIA and S&P 500. However, it will encounter intraday resistance soon at about 1790 to 1792. NASDAQ is definitely a lagging indicator right now. This all comes down to the timeframe the person is trading in. Boy, I am happy that I am not a day trader. However, it looks like a failed breakout from the base of the double bottom which is now having the DJIA testing yet another time its intraday low. Some traders move in on three consecutive tests of an intraday low. ...now it looks like another bounce in process with target price of 8970. Anything short of this value will be IMO a bearish indication. Bob Graham PS: I hope everyone is not taking may "play by play" call of the DJIA too seriously. I am no day trader and right now I am not in the market. I am just having some fun and at the same time perhaps I will learn something from this.

To: Chris who wrote (9082)	5/29/1998 3:04:00 PM
From: Robert Graham	Read Replies (3) \| Respond to of 42787

It looks like the target for the DJIA was met and exceeded. If buyers do not step into the picture here and the price turns downward from here toward the pivot point represented by its intraday low, then I think we may have a down market from here. But it is already 3PM. So we will now very soon now what is going to happen. The NASDAQ's move up appears to be weakening. Briefing is saying that the larger cap tech stock have not been participating in this move up by the NASDAQ which means that the NASDAQ group of stocks is lacking leadership and makes the move up not convincing. The S&P 500 followed the DJIA in its price action. The "market internals" by Briefing shows up and down volume about equal due to sellers that are continuing to step into the picture. Advancers still lead decliners by 50% which has narrowed fom 100%. Since TRIN has been staying above 1.3, the TICK has started to move into negative terratory. So if this is any indication, we may not be seeing any new intraday highs today because the market may sell off from here. Right now it looks like the market has not made up its mind yet with respect to the indices. A program sell should do the trick. This would allow the averages to post a down day during a rebound from interday market lows. This would be a bearish sign that may portend more selling to come in the near future. However, I think we need to keep in mind that this is a Friday so it should not be a surprise at the end of the day for people to take their long positions of the table. Bob Graham