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

To: Chris who wrote (13651)	8/3/1998 2:51:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

I see the intraday trading pattern has changed with the market too. There has been a trend for this market to wait until later in the day before committing money. This is becoming a nervous market. Since there is nothing but negative news likely to come out in the near future, this will help bias the market downwards. Normally, I think the longer the market waits to enter, the more likely it will be a down leg. But today the market has been trying to rally. It has been unsuccessful in its efforts. The afternoon leg which should start soon will be the important part of this trading day, not this morning. I do think we are seeing that anticipated rally, or more accurately the market's attempts at one. I still think the bias is up today until the market proves otherwise. When I checked earlier today key stocks are still holding pretty well despite the earlier down market in both the DJIA and NASDAQ. The DJIA looks to be in an intraday consolidation pattern right now between a substantial support and an intraday resistance. The market has not yet stepped up to the plate. The conclusion of this intraday consolidation pattern will be when the market jumps back in. It is after 2:30 PM now and it looks like the time has come! 8880 is today's magic number. Update Looks like movement toward 8880 and volume is increasing. I think the market is beginning to commit itself to a move up. We will know shortly. Bob Graham