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Strategies & Market Trends : Point and Figure Charting

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To: Davy Crockett who wrote (25794)	10/23/2002 7:54:32 PM
From: Bwe	Read Replies (3) of 34809

That didn't take long. More Bulls than Bears in IIA Sentiment Survey once again. Bulls: 38.9% Bears: 35.6% Correction: 25.5% "The 1,000 point rally in the Dow over just four sessions has dramatically reduced the percentage of bears. We had hoped the bearishness would continue for a while, but for the last four plus years, advisors have been slow to be bearish and quick to turn bullish. This trend is quite different from what we saw in 1994-1995 when we saw a streak of 45 weeks in a row with more bears than bulls that set the table for the huge rise that followed. The readings are still sufficient for a short-term rise as a week ago the bulls were at an eight year low. That low reading should be reflected in higher market prices for a while and support our thesis that the market can move for the next couple of months and score a good percentage gain from the lows. The work still suggests lower prices next year." Chartcraft Commentary 10/23/02

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