Tito and threaders, The Dorsey Wright data tonight is as follows. The Bull percentile are: BPNYSE=73.20 (still strong with the recent high at 10/15/97 at 75.90%), BPOTC=66.30 (reversing down from recent high of 72.10% on 9/30/97 and 10week moving average again moving downto 67.57% from the recent high of 79.52% on 10/8/97 and all time high this year of 86% in the first part of June '97. However, the only major down reversals were in the sectors: Transportation from 82 to 77.50%, Chemicals from 74.50 to 66.70, electronics from 73.00 on 8/6/97 to 55.50 on 10/22/97, and Semi's from highs of 78.80 on 7/16/97, 75.70 on 9/24/97 to 43.40% on 10/22/97.
The above data was taken from current and past DW data. Any typing errors or mistakes are my mistakes. The data is only for you reflection.
Big Buck, the above data and chart of AMAT does appear to have an immediate bull resistance line at 37. As previously noted the next bull resistance line appears to be at the 33 level. This appears to support your buy target if it reaches that low.
The Semi drop did suprise all of us. But, with the Sector at there will be a good uptic potential. The recent BP Semi lowest bull % were in August '95 at 20%, 16% in Jan.96, 12% in July '96 and 32% in April '97. However, during these times the sector would swing up to highs of 60%, 72%, 70% and 78% in just a two or three months. This only reflects what we already know--that the sector is very volatile.
Disclaimer clause: Use at your risk. The data in not mine and the interpretation is only my opinion.
Regards.
Paul V |
