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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (3105)5/21/1998 4:52:00 PM
From: Ms. X  Read Replies (1) of 34810
 
Hi Judy,

Wish you could have been there!

The semi's not only reversed down but the broke a double bottom after a lower top. At this point we would expect to see the sector percent reach 26% where there is support or possibly below 20%. It is at 38% now. Only way for it to go down is for those stocks to give sell signals which is what they are doing.

AMAT: Don't know where it is today. It met resistance three times at 39 but couldn't make it past. Has reversed to create a double bottom at 36, 35 breaks that double bottom and the support line. Momentums negative with the monthly mom going negative at 32.

With the stock breaking down and the sector weak, I wouldn't buy, puts perhaps as you suggested. I'm always looking for a good put :-)

ASND has been doing real well. Nice uptrend. Support at 40. 39 would be the first double bottom break. Trend line down at 34. RS positive.
I imagine Toms stop on ASND calls would be 39. Or he probably stopped it up. Haven't followed it.

22 sectors reversed last week and the sector that ASND is in reversed too. I think it will be dificult for stocks to buck this trend. Not saying they can't but I would only buy positions that hold support, have strong RS and are not breaking down. Sectors giving sell signals ar no-no's in my book.
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