Hi all. Here's the Chartcraft Report with my comments for the past few days:
Current Advisory Sentiment: Bulls 42.8 Bears 28.6.... ...Corrections usually end when the bullish sentiment moves under 40% and bears move over 35%.....still not there yet.......NYSEBP slipped to 54.9%, 56% on the chart. A move to 48% puts us in bear confirmed status. As it is we're one box away (54%) from the 11/97 low.....The Austria Fund was sold from the Chartcraft Equity portfolio....Lots of Buying Climaxes in Foreign funds and Europe and the Austria fund had a buying climax last week so out it goes....Mutual Fund exposure as follows: Equity Funds 0%, Foreign Funds 0%, Gold 0%, Bond Funds 75%....Many stocks are giving high poles and at this stage high poles are very, very dangerous.....Utilities showing strong action and that's a positive......Shorter term indicators reaching slightly oversold levels but correction still has more to go, usually 10% from the highs (now at 5.5%).....Notable stocks with Buying Climaxes: Equitable Co.(one of my stocks..high pole at $67 and my stop is at $66 3/4), General Motors, Monsanto, Mylan Labs, Warner Lambert, Atl. Coast Air, S&K Famous....Notable Stocks with Selling Climaxes: Dallas Semi, Mastec, Thermedics.....Safeway had a Shakeout Reversal....
Gathering a list of buy candidates as the market starts throwing the baby out with the bath water.
Best to all.
Bruce |
