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

To: dennis michael patterson who wrote (20593)	4/26/1999 3:21:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

I was anticipating a pullback, but it may not prove to be significant. However, a look at some specific charts does not paint the same picture that we have been seeing in the market indices and the issues that have been facilitating their rise. Problems with EBAY and WCOM for instance. EBAY is now looking better. YHOO still looks in the dumper not fairing as well as other issues in the market. MSFT was there to but now looks to be improving. Still, look at how INTC has been doing well from its rake through the mud. I have been seeing monies moving back into the market. I think we will see more when the NASDAQ continues to mae new highs and continues up on a second leg. Additional monies are continuing to move from the Dow to the NASDAQ markets to facilitate this breakout. If there is a pullback, it may not be as significant as I had first anticipated. Take note of Donald's cycle work. The 9-month cycle has apparently been negated considering the 2-day sell off and subsequent rebound. If the NASDAQ class 2 sell is also negated today, I would expect the market to move up from here with its current ghusto. Otherwise, watch the extent of the pullback. A look at the longer term charts shows me there has been a loss in momentum to make this attempt at a new peak bother me. This is most evident on the weekly. Also this type of new high usually proves to be difficult on the heels of the previous substantial decline and bounce back. The DJIA appears to be in a position to pull back which can further facilitate a continued rise in the NASDAQ. Selling started a couple days ago and continues today. So far the DJIA has been holding up well enough. We will see how far it pulls back if any. The SPX is at a strategic point. I think the market is coming into a period of time where a decision will be made by the monies that are still on the sidelines. This will determine the longer direction of the market. This can happen soon after the breakout of the NASDAQ into new highs, or a period of time afterwards in anticipation of a pull back before continuation. A milestone that would be very visible to the sidelined monies is upon us with both the SPX and the NASDAQ. From what I can see so far, strength does indicate the market will run more before pulling back. Just some thoughts. Any feedback? Bob Graham