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

To: Chris who wrote (13303)	7/28/1998 3:42:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

Here are impressions from a quick examination of the intraday charts of particular stocks. This is not the result of a reading the tape which would provide a more accurate asessment of today's trading activity on these stocks. DELL is holding and appears to be forming a bottom at an intraday support. However, the pattern appears to be shifting to profit taking on the moves up made by the stock. MSFT has a similar intraday price pattern, which is interesting. But it is not fairing as well as DELL. MSFT has fallen more than DELL. CMGI looks like it may be starting to break down. WCOM is still looking like it is breaking down. It has tested important intraday support it fell through and has failed this test. INTC is looking good and has moved up from the intraday bottom it has formed. However, with this stock the pattern is also changing to selling on the moves up made by the stock. MSFT and INTC may be nervous near end of day profit taking considering the stocks havenot rebounded to any significant extent from their dip. Tomorrow will determine if this pattern remains. I suspect the DJIA will close above 8850 today. This is just a guess based on incomplete information and a suspicion that if the institutions can, they will help the index to close above this level with their program trading. This will give the market a chance to bounce where more fund money will be moved out of the market. Boy, am I getting paranoid or what??? Since a well-placed program trade can make a substantial last minute difference in the market, this is what I would attempt to do as an institution, if the opportunity presented itself. Also there will be traders short looking to cover and a pop in the market toward the end of the day may encourage more to cover. If the opportunity does not present itself, then no program trade will occur. Lets see if this plays out. Please consider this one of my only half serious ideas that I am offering up for the fun of it. We might as well make this an entertaining experience for ourselves, right? Bob Graham