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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (2504)	4/22/1998 9:14:00 PM
From: Ms. X	Read Replies (6) of 34823

This week indicator update: More of the same but... Dow Jones Industrials Buy 9176.72 Nasdaq Composite Buy 1917.60 NYSE B.P -- Bull Confirmed X's 72.4 % Option B.P. -- Bull Confirmed X's 72.6 % Stocks Above Their 10 Wk M.A. O's 61.5 % High - Low Index O's 87.5 % This week the Dow gained over 70pts however the NYSE Bullish percent declined by .2%. Not a large drop obviously, but it does tell us one thing. Not all stocks are carrying this rally.What we have are fewer stocks on P&F buy signals. Remember the NYSE Bullish percent measures how many stocks are on P&F buy or sell signals. When the sell signals start taking over, the NYSEBP will decline. The 10 week moving average is in a column of O's, reversed down but no sell signal. This is the first indicator to suggest a wanning of the market. Also the High-Low index has reversed and coupled with the 10 week, we need to keep our eyes open. The big wake up call will be the Option bullish percent. Once that reverses, you can assume the NYSEBP is not far behind. The Option BP actually gained 1% on the week. Reversal down would take place at 68%. We are still in a holding pattern. Having the two indicators in O's tells you things are changing. To quote Tom from his report tonight: " If there was ever a time when Dodge City got out of hand it had to be when Matt Dillion went on vacation with his girlfriend Kitty. The market feels just like that. Can you imagine anything goes and no sheriff to keep the order?" Be careful, don't chase and keep your eyes open. Next, charts and sector updates. By the by, indicators are starting to suggest higher interest rates. Nothing definite yet but enough to get the P&F folks excited. What sectors do well in high interest rate atmospheres? What don't? This is a quiz and should be real easy. I've been talking about this for a month. Anyone?

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