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Strategies & Market Trends : Point and Figure Charting

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To: who wrote ()	8/24/1999 3:07:00 PM
From: Tommy Dorsey	Read Replies (1) of 34811

To all, I was mistaken on the two steps and a stumble. We went back to research we have on that subject and the addage is 3 steps and a stumble in the market. That is 3 steps in the discount rate before the market reacts. Conversely it is two dips and a jump on the opposite side of the equation. Two dips in the discount rate and the market jumps. In most cases, going back to 1929 we have seen at least a year of rising rates before a bear market begins. WE have not seen that in the short or long rates at this time. You will remember our sell signal on the DJBB February 4 and that was timely as rates have risen since then. Tom

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