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

To: Electric who wrote (13639)	8/3/1998 1:17:00 PM
From: Robert Graham	Read Replies (2) \| Respond to of 42787

The DJIA validated its previous low at 8800, but also validated an intraday resistance at 8880. On the first leg down, the NASDAQ participated and remained down as the DJIA pulled back up. Now it looks like the DJIA is going to retest its low again. During this many key stocks in the NASDAQ have been holding up well, butter then I expected. However, if the DJIA moves below 8800 this picture may change. This is a very risky time in the market. People who trade today do at their own risk who I am sure have no idea as to the risk they are actually undertaking. This game today is only for the tape readers that stay on top of the market and the stock they are trading in, who have formulated a plan with specific entries and exits, and who has the discapline to stick with their plan. We are not talking about "Gee, it has gone quickly below my mental stop and it is continuing to move down quickly. I think I will wait until it bounces." type of mentality here. This person also needs to be prepared to lose an amount greater than expected. It looks like after the bounce the bias may be up today. The countertrend appeared to have occured during lunch. The true trend is not to be found here. Time will tell. Sometimes the market will validate nearby support before starting its move up. This afternoon will be very revealing, but so far I am not impressed. Bob Graham