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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: JHR who wrote (8773)1/19/1998 6:53:00 PM
From: Ms. X  Read Replies (1) of 95453
 
So sorry,
The 70% figure is to the upside. If you are looking at a chart, at the top would be 100% and the bottom would be 0%. When a sector or stock reverses it moves from the higher levels down to the lower levels. Once a sector or stock is below 30% we get a little excited waiting for it to reverse UP hoping it will move to above the 60% level. Reversely, we get a little nervous when a sector or stock is above the 60% level since this is where it traditionally reverses down. Seesaw. Oil service is at its lowest in years and the mere thought of a reversal up hear just gets me a jumpin'. See, if it reverses from 25% and the sector usually goes as high as 70-80% that gives us a 45-55% move to the upside. Yum, yum.
Last October we reversed down from 80% to 25% and you saw what happened to the stocks. They went down. Follow the sectors. They never steer you wrong.
Hope this helps.
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