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Strategies & Market Trends : Point and Figure Charting
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To: Ms. X who wrote (345)2/4/1998 5:26:00 PM
From: Ms. X  Read Replies (1) of 34813
 
Important! NYSE Bullish percent reverses up!

I asked Tom Dorsey to give you his take on what may happen next.

Ok, today the BP reversed up, as we expected. Last week the Option Stock Bullish Percent reversed telling us the NYSE BP could reverse up soon.
The question here is, which of two scenarios will play out? One thing to be totally aware of is this, the Percent of stocks on the NYSE on buy signals now is down about 25% from its high. The Dow Jones is back where it was in October when the Bullish Percent was at 76%. The S&P 500 is at a new high.
There are far less players on the field ie, number of stocks on buy signals.
One of two things will happen.
The percent of buy signals will catch up to the previous highs, pushing the Dow Jones to 8500 or higher. Or, the rally peters out and the index reverses again which would be a very negative sign. We don't predict.
Last week we stepped up our buying with the reversal in the option stock BP and todays reversals up suggest a broadening out of the rally.
You have the ball but be careful with the plays you are running. Stocks like CUBE that are coming off the bottom, and Pairgain PAIR, Western Digital WDC and Quantum QNTM are good plays here. Adhere to stops.
Ok to begin scaling in and add on new buy signals up to a 6-7% allocation per stock, per portfolio. Options are ok here but go in the money. Happy hunting.
Tom Dorsey
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