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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: hdrjr who wrote (4560)1/7/2000 2:25:00 PM
From: Ms. X  Read Replies (1) of 9427
 
Hi hdr,

A bullish catapult is when the chart is in a confirmed up trend,
meaning no sell signals, higher bottoms and tops. Looks like this.

X <--Double top break.
Triple top break-->X X <--Double top
Triple top --> X X X O X
X O X O X O X
X X O X O X O
X O X O X O Higher bottoms.
X O X O X
X O X O
X O X

This shows demand is clearly in control.

The OSX chart isn't in a bullish catapult currently but it is on a buy
signal and looks to be basing.

91 ? <--If it can move to 91 it
90 X --X * --------* ----------| --?---will break a spread triple
88 X O 9 O * X * | ? top which would be
86 X O X O * X O * | ? bullish.
84 8 O X O * X O * X ? 84
82 O O * X O C * X O ? 82
80 ----O --------X O X O --* X O ? ----80
78 O Buy signal-->X 1 <--recent pullback
76 * O X X O O X X 76
74 * O X X O X * O X O X 74
72 * A X O X O X * O X O X 72
70 ------O X O X B * ----O --O | -------------70
68 * O X O * | 68
66 O | 66

The Oil Service stocks, the sector, is currently in X's at a low level
which is good but it has lost a little ground. Only 1.2% from reversing
down. This wouldn't be a major negative since the sector is so low
currrently. I would evaluate by individual stocks what positions to
take.
It looks like the stocks are in a good position and would be fine
for a longer term hold. I see nothing negative here.

A bullish catapult isn't something one would predict. I think you mean
they are predicting a big move in this sector. If the sector doesn't
reverse down that could be true. It is at a low level. I'd have to
look at some particular stocks to see how they look. If the OSX breaks
that spread triple top well then, it may certainly mean a big move
for some of those stocks.
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