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

To: jjs_ynot who wrote (13152)	7/26/1998 1:41:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

Good thinking! Thank you for providing me with feedback that I find very important. Next week should be very telling of the direction the stock market will go in the future. Right now I do think even though there has been some technical damage, it has not been major. A look at specific stocks that have participated in the runup of the market verifies this view. But if the selling continues on a second leg of selling, I think this will paint a different technical picture. I am not happy about seeing movement of money into bonds already, and for 1998 a record out flows of money from funds. In the past the market can endure a sell off like this and the market participants with their normal positive sentiment would still feel safe and the market would only continue to go in one direction: up. They would rationalize that we have seen record setting gains so this type of adjustment would be expected even though it has been a little steep. Furthermore, Friday saw no substantial money buying back into the market. Friday has traditionally been the day where the market will counter its trend that it made earlier in the week. The intraday rally stalled and turned down. If this lack of interest to participate in the market continues next week, I think this will help encourage more selling. Bob Graham