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Strategies & Market Trends : Point and Figure Charting

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To: superdow who wrote (3705)	6/16/1998 5:55:00 AM
From: Bwe	of 34816

Great catch, superdow. I've been looking at the NYSE Bullish % chart recently in my work on HPT's. If you'll notice in 1987, the market had a great run of 18 straight X's to 76% in March '87. Here's where the similarities begin. The NYSE Bullish % moved to bear alert status and the indicator gave a HPT at 58%. The index reversed up to bull confirmed status and eventually reached 70% in August. That High Pole Top that HPT at 58% was an ominous sign. People were given an opportunity to take back some of their money that had been left on the table. What happened thereafter is the stuff of legends. Bear alert market on the reversal down from 70%, the defense takes the field and the next buying opportunity awaits as carnage occurs of historic proportions. With the current market so weak, we may get that bear confirmed market with a double bottom sell at 48%. The index had a high pole top at 60% and that should always stay on people's minds even if the NYSEBP turns up prior to becoming a bear confirmed market. Take care, Bruce

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