Gottfried,Big Buck and threaders, The Dorsey Wright Bull Percentages
for 1/7/97 were as follows:
NYSE 56.60% vrs 53.50% on 12/30/97, OTC 47.00% vrs 42.40 on 12/30/97, 10WEEK MOVING AVERAGE (short market indicator) 48.29% vrs 48.20% on
12/30/97, Computor Sector 36.30% vrs 30.30 on 12/30/97, Semiconductors 34.30% vrs 20.60 on 12/30/97, Software 31.10% vrs 31.10 on 12/30/97 and Electronics 37.40% vrs 28.00 on 12/30/97.
As of 12/30/97 according to DW AMAT was classified as a Bull Alert, having reversed upward in a positive column of "x's" from a low $26 to $31.00. Today, 1/05/98 it has agained moved up with a high of
$33 1/16.
Consequently, from the above data we have not seen much change in the above sectors during the last few weeks of 1997.
IMO, it appears that $35 is the Bear Resistance point. Using the long range calculation, IMO, we have a potential high of $53 using the DW Vertical method of projection and $57 using the Horizontal method of projection.
With the increasing number of Funds, #402, getting into AMAT, IMO, I would not be suprised if we begin to get increased hype from the analyst with upgrades and from the media.
Naturally, this is my personal opined interpretation of the DW Charts, caveat emptor.
Just my opinions. What are yours?
Paul V. |
