Thanks a million, Jan. I've learned a lot from my post this morning and believe me, I wasn't contemplating leaving the thread in any way, just what kind of posts and in what way I could best contribute to the thread. It seems that what I've been doing is just fine and it's great to know that people are enjoying and learning from my posts.
And without further delay, here's the Chartcraft Weekend Report:
A turnaround in the High Low index would signal a rebound is in the offing {In Tom's book, he says that the two short term trend indicators he uses are the % of Ten Index and the NYSE High-Low index. The % of Ten index reversed up from the critical 30% threshold to 36% this week. The % of Ten index for option stocks also reversed up to 38%-Bull Alert status). "Wait, don't anticipate" was the caution with regard to taking action before a turn in the index actually occurs....Many indexes in High Pole formations and that points to further weakness {take a look at the NYSE bullish%-HPT at 60%. This increases the odds of moving below the January bottom to 48% which would put the index in Bear Confirmed territory}.....Big stocks still doing better than smaller stocks and conclusion there is any advances will be narrowly based......Oil lost over 10% in the last few days. $13 a critical level as oil has bottomed 3 times previously in that area......Notable Stocks that have Bullish RS and have Reversed to an Up Column...Coca Cola, Monsanto, Technitrol, Wet Seal.....Bearish RS Reversing to a Down Column....Georgia Pacific, Xilinx, G Tech Holdings......Remember, RS trends last for a long time so a change in the column on a stock's RS chart is significant........Gulf Island Fabrication, Schwab, Gasonics, Mattel had a Bear Traps {positive pattern-gives triple bottom sell signal and reverses back up without dropping another box}......HPT's in BMC Software, Solutia, Scientific Atlanta, Cable & Wireless, Ruby Tuesday, Proctor & Gamble, Reynodls & Reynolds...If you own any of these stocks be sure to check RS status, trend lines, etc. See my previous posts with regard to Diebold and Miller Herman if you own stocks that move into High Pole Top patterns.....RS Sell Alerts {these stocks are 1 box from giving RS Sell Signals}...Rowan Cos.{another Oil Service stock possibly rolling over}, KLA Instruments, Tech Data, Pathogenesis, Honda, US Filter, Lands End, Michael's Stores, Hewlett Packard.....RS Buy alerts {1 box from giving an RS Buy signal}....Synopsis, Fingerhut, Mercantile Stores........Chartcraft Market Comments:
"NYSE Bullish % and Industry Group % both down on their charts. NYSE continues in Bear alert status and that means declines will be broad based and rallies narrow. Keep defense on the field."
"Dow up 158 points from last week. Long term indicators negative, short term ones turning up from oversold levels. We continue to think correction not over."
Regards,
Bruce |
