Dorsey Wright & Associates. Point and Figure Message Board

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Non-Tech : Dorsey Wright & Associates. Point and Figure

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To: Daveyk who wrote (7084)	4/5/2000 1:08:00 PM
From: Ms. X	Read Replies (2) of 9427

Hi Dave, C looks to be in a Shakeout pattern. If you want to buy it wait for the reversal up. Has held up extremely well. I'll post a thing about my thoughts on the market. I'm doing some looking around at charts to see if I can get a feel for it. I can say I think there are some tremendous buys out there. A lot of stocks held up well and a lot came down to the bottom of their trading bands which provide an excellent opportunity. Strong stocks are the key. Look at MSFT chart - right to the BSL and bounced up. Can trade aggressively here but with a stop. I think we needed this correction myself. I had lightened up a couple of weeks ago because I saw the charts breaking down. One sell signal in an uptrend is OK but several with all the market volatility I don't like. I think we see basing from here. The Nasdaq may pull back to the 3800/3900 area which would be fine. This would be a higher bottom. The Nasdaq came right to the bottom of its trading band which is great. The DJIA held up well and the NYSE BP internally didn't move much. THAT tells us that a lot of stocks held up well during the correction which is certainly positive. Tons of sectors like the Semi's and Biom's that are in single digits. With the NYSE BP holding firm it seems to me the weak stocks that were already on sell signals continued lower while those on buy signals pulled back to support without a sell. This is I believe a good sign. IF the stronger stocks start to break down then we will have a bigger issue but that hasn't happened. For instance, Cisco did create a sell signal but pulled right down to major support and bounced off. If Cisco had broken all that major support around 65 we could still be seeing some major downside. Watch those kinds of charts.

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