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Strategies & Market Trends : Point and Figure Charting

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To: iGregor who wrote (4194)	6/28/1998 11:12:00 AM
From: Bwe	Read Replies (3) of 34808

Greg....I usually end the Chartcraft Weekend Report with the latest market comment from Michael Burke, the editor of most of Chartcraft's publications. Burke believes that the Dow is headed to the levels he targeted in the quote you highlighted. The lowest point the NYSEBP reached this decade was 18% of NYSE stocks on p&f buy signals in October of 1990. Other low levels where the NYSEBP has bottomed in the 90's are 38% in May of '94, 34% in December of '94, and 46% in July '96. When this reliable indicator eventually reverses, we will be presented with a great buying opportunity. However, Burke and this indicator have seen this kind of correction many times before, and Burke's interpretation of the NYSEBP indicates the odds favor lower prices. As Chartcraft and DWA have been preaching for the last month and a half; "Stay on defense". Bruce

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