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Strategies & Market Trends : Point and Figure Charting
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To: Mr. BSL who wrote (4039)6/24/1998 10:23:00 AM
From: james ball  Read Replies (2) of 34804
 
Tom Dorsey to Duke I think it is a combination of longer term scenario and exacerbated by the end of June window dressing. The HFX tells it all as it is the top 5 cap stocks in the Dow jones and made new high yesterday and that is with MO in it. All the capital is flowing into the big caps and in the tech issues it is going to NDX which is the top 100 nsadaq and in aprticular CCSCO,DELL,MSFT,INTC, WCOM as these sotcks make up 53% of the index. Bullish Percent on top 120 stocks in the S&P 500 reversed up yesterday and probably due to the top 10. Our relative strength Dogs of the Dow is up 14.8% this year vs the normal dogs of the Dow up 7.8% and the Dow Jones up 11.6%. Oil is at 30% and I think it will be in the $18 range by late fall. RS charts revesed up on CWX software and MSH Morgan Stanley High Tech. 30% of sectors at 50% or below now vs April 22 where only 4 at 50% or lower.
As money flows in for mutual funds these guys that almost always underprform must try their best to stick to the S&P which means buying the top 40 stocks in the index. It is self fulfilling. While CNBC falls all over themselves parading market pundits that only look at the Dow Jones 30 stocks crow about the market moving higher while Mr. Jones is bleeding from the reality of the markets where he owns NSM not MSFT. Tom
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