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Strategies & Market Trends : Point and Figure Charting
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To: Giordano Bruno who wrote (3605)6/12/1998 7:50:00 AM
From: james ball  Read Replies (3) of 34810
 
Tom Dorsey - Asia again hit last night and it would not surprise me if China eventually devalues. This will start it all over again. One positive thing I see this morning is Japan finally admits it is in a recession. It reminds me of Greenspan back in Oct. 1990. The NYSE Bullish Percent correctly got us on Defense October 1989. The index declined from 74% to 18% in one year. At the bottom in the 18% range Greenspan announced that the figures were in from the Commerce department and we were in a recession and about to go to war with a major Middle Eastern Power (or lack of power). That was exactly the bottom of the market. The markets look ahead not at what is happening today. The Bullish Percent got us out two months ago and it was dead on the money. Watch Rubin not Greenspan. Rubin is the new architect of the global economy. Greenspan and Co. are now simply taking heads for the G7. Rubin's decision not to intervene on behalf of the yes is the right decision in my opinion. Keep a trading bent on this market and don't be afraid to take profits when they arise from trading. The calls I get now each day from the professional world suggests the majority again chose not to listen to the Bullish Percent Indexes.
Those of you on this thread are a rare breed indeed and much further ahead of the rest of the pack when it comes to thinking clearly about the markets. Keep up the good work, keep it simple and don't out-think the indicators, they see more clearly than most. Case in point. The Dow Jones 20 Bond Index never gave a sell signal and still has us long bonds in an environment that would have other much deeper thinkers, short. Tom
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