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Strategies & Market Trends : Point and Figure Charting
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To: Riskmgmt who wrote (23528)9/3/1999 1:02:00 PM
From: Ms. X  Read Replies (3) of 34809
 
You have to remember that rallies like this in the dow are usually deceiving. I can't tell you how many people ask on a good Dow day if the indicators reversed up or on a bad Dow day if the indicators reversed down.

The high low indicator, as I mentioned yesterday, had not reversed down so if there are more highs today than lows obviously it won't reverse down today.

If stocks were on a sell signal and todays action put them on a buy signal than that does count with the indicators but to what extent who knows. The rally today may just be stocks that were already on a buy signal moving higher. If they are already on a buy signal their moving up 10pts doesn't matter.

If a stock on a sell signal reverses today into X's but doesn't create a buy signal it is still considered a sell signal and a negative with the indicators even if it moves up 20+ points.

Whether this puts the 10 week back into X's is something we have to wait and see. The other indicators are still in X's and we won't know if they move up until later.

There have been many times where the Dow rallied to new hights but the indicators continued to move down. Last July was an example. People couldn't understand how that happened but remember the Dow etc do not measure the whole market.

The NYSE BP did move up a little this week and we will see if that continues but it was no where near reversing up so our long term picture is still negative. These are trade days only with stops in place.

I am happy with today's rally because two out of my Dads three stocks (MFNX and DISH) are being really nice to him :-)
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