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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (7578)8/8/1999 10:32:00 AM
From: Allan Harris  Read Replies (1) of 15132
 
Good grief, is this a typical correction in DW P & F for the nets in previous market corrections?

This particular sector's Bullish Percent chart has only been published since March of this year so there is a limited time period on which to assess it's performance. But based on the general integrity of Bullish Percent analysis, the routine manner in which BP analysis has historically been effective across a broad spectrum of sectors and the fine job the Internet BP has done in it's short existence, I have no reason to doubt it's effectiveness.

The Internet BP dropped from 82 in April to 22 in June, while CMGI dropped from 165 to 71 in the same period. The BP then rose to 68 in July, with CMGI running from 71 to 126. With the fall in the BP to 18, CMGI hit a low of 66 last week. Where to next? This is where the BP analysis comes in handy in assessing probabilities.

In a sense, Bullish Percent analysis is simply gauging extremes in sentiment and bases it's sentiment reading on underlying Point & Figure price action. This is a pure, objective measure of sentiment, paying attention to what they do not what they say. I am coming to believe that the correct assessment of sentiment is an often misunderstood, but always a critical factor in successful trading. The Point & Figure Bullish Percent seems to be very effective in identifying tradable peaks and troughs in sentiment.

A
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