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

To: Electric who wrote (20659)	4/29/1999 9:54:00 AM
From: dennis michael patterson	Read Replies (1) \| Respond to of 42787

Sold EMC at 108. Bought AOL under 140 (no fill yet)

To: Electric who wrote (20659)	4/29/1999 1:51:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

This is and has been a down market for the techs. Go with the trend is what I say. Unless you have been playing the Internets and some select techs, there have been other places to be. Now we see the pattern of selling the Internets continuing. As soon as the Internets reach important price levels with buying interest, the selling starts again. This would cause additional selling in the NASDAQ market. I was expecting this very predictable event to happen soon, but my look at the Intraday charts had me think that it would not happen at this time. I am not used to following those Internets on an intraday basis. The intraday charts on some of these issues can be kind of hypnotic. Quite extraordinary on an intraday basis, something I would expect only to see on the daily charts. A different animal altogether. Not as much momentum driven as sentiment driven. This previous observation should of given me a clue. Now when I see the selling now happening in the market, this does not enthuse me as a buyer as much as it does you. Judy had the right idea when she saw a selling pattern develop in the Internets after their earnings announcement. Also there were some selling in the techs that preceded this. So in this scenario the selling on positive earnings announcements of what has been the market leadership would of been enough for me to think of a pullback in progress that could turn out to be significant, as significant as I had originally anticipated. Bob Graham