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

To: Robert Graham who wrote (20614)	4/27/1999 3:37:00 PM
From: dennis michael patterson	Respond to of 42787

Well Bob, I made nice money on EBAY (14 points) but I wish I had bought it at the end yesterday. The open was a classic pump and dump. I think the nutz pop in the am with AOL and then it goes down. I'm hoping! Whom do you use for streaming quotes? I need that.

To: Robert Graham who wrote (20614)	4/27/1999 3:48:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

Even though there appears to be more players stepping up to buy on the intraday rallies, the price gets knocked back down. Two unsuccessful tests of 214. Downward bias of stock intact with sellers ready to take advantage of any move up. I think this stock is in basing mode right now. Perhaps the MM is attempting to shake out the sellers by dropping the price quickly for the "value" oriented buyers to step in. This also works when the price is moved quickly past known waiting sellers like a support. It causes many to hold on to their stake a while longer before selling it. There is now a narrowing of the price range that has as its breakout an important resistance that the stock has previously attempted to break through today. This has formed an intraday pennant. If an upside breakout occurs, the MACD on the 15 minute chart will also cross zero line. So this can end up being a good move. We will see the result very soon now. Time is now 15:35 PM. Silly people attributing value to a stock like this! Yahoos in the market place. Did I say Yahoo?? Update The stock has entered congestion instead of an imediate breakout. Now I see the classic range contraction and sudden expansion before the move is now ocurring. It is testing support. I think the breakout will be to the upside on this one once it happens. But we are getting down to the wire on this one! It looks like it is staying in congestion. Selling has not abaited on this stock. Tomorrow I think this stock can retest support and make another run up at 214 resistance. We will see how the position traders play this one. Bob Graham PS: Due to the large ranges that the Internet stocks move through in a day, MAs can prove to be very useful. This is simple enough for those Yahoos to work with which is I think one reason why I am finding this TA tool to work on the Internet intraday charts.