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Strategies & Market Trends : Point and Figure Charting
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To: ViperChick Secret Agent 006.9 who wrote (2278)4/8/1998 9:29:00 PM
From: Ms. X  Read Replies (3) of 34811
 
We have a reversal!

As I thought, the 10 week MA reversed down this week and the NYSE High-low index is within a hairsbreadth of reversing.

For those who have been paying attention, you know these are the first two indicators to reverse. The optional bullish percent also weakened this week and this is a big sign. A reversal here has always (save one time) precluded the reversal of the NYSE bullish percent.

If you remember the long analysis I did of last October's correction, you may remember that the Dow was down 200 pts or so off of its high before the NYSE bullish percent reversed. After the reversal the market dropped another 500+ pts. If the indicators continue to slide you will see the Dow ever steadily loosing points.

Now, what is the risk...BIG. We are in extended territory with the short term indicators turning negative. BE CAREFUL!!!!!

Know your portfolio, analyse your positions. Know your game plan. Don't get caught lookin' like a deer in headlights.

I'm not saying run out and sell everything (God, no) but know what you are going to do if this thing turns nasty. Now is not the time to be complacent. As DWA wrote "It wasn't raining when Noah built the ark". No kidding....

If the optional bullish percent reverses, I will post immediately.
Next post has the indicator numbers.

Jan I am

P.S. Did I say be careful?????????
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