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Strategies & Market Trends : Point and Figure Charting

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To: james ball who wrote (8741)	10/16/1998 6:17:00 PM
From: Bwe	of 34820

Wrote the following this morning on the MF Oil & Gas thread. Should be of interest to those that follow the oil patch. This week, the Oil Service sector Bullish % dropped to 14% on it's chart (actual reading was 12.90%) from 18%. Last week the group dropped from 34% to 18% and placed the group in "Bear Market Bottom" status. The Oil ServiceBP dropped to as low as 8% in in early September and making a higher bottom on this downmove would be bullish. The week (Wednesday to Tuesday is the time frame used for computation of Bullish %'s) has gotten off to a good start as the group moved up .990% on Wednesday and rose 5.940% yesterday. Please recall a 6% reversal is need to reverse columns and signal that demand is outstripping supply for these stocks. To put yesterday's move into perspective, Oil Service had the 5th largest move among all the industry groups yesterday. Aerospace: 6.790% Banks: 7.540% Telephone: 6.990% Wall Street: 6.0% The group would move to Bull Confirmed status at 36% so there's a lot of ground to make up from current levels. The Oil group remained unchanged at 24%, still Bull Alert. This group was up 2.5% yesterday. Best to all. Bruce

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