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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (4511)	7/8/1998 1:27:00 PM
From: Bwe	Read Replies (2) of 34811

Chartcraft Report: -NYSE Bullish % reading this week came in at 50.2% (last week 47.7%). The chart needs to move to 52% in order to reverse and move to Bear Correction status. -Chartcraft was disappointed reversal didn't occur in the NYSEBP (Bear Confirmed 046) and finds improvement in mostly all indicators but sees a lack of new p&f buy signals. _Inicators are long term negative, short term positive. Rallies should be narrow and declines broad based. An improvement in Bullish %'s would turn Chartcraft more optimistic but they are still looking for a move to Dow 8,000-8,400. -Advisory Sentiment: Bulls: 47.1% Bears: 30.6% More Bulls and less Bears than last week's reading and sentiment is getting more exuberant which means it's moving in the wrong direction. This is a contrarian indicator. -Broad Industry Group News: 6 Sectors Up 3 Sectors Down -Broad Industry Group Sum moved up to (-18.5) from (-19). A move to (-17) would cause the chart to reverse up. Chartcraft places a good deal of emphasis on this indicator and it's p&f chart. Groups Moving Up: * = Status Change Electronics 24% ---> 30% [Bull Alert] * Banks 52% ---> 58% [Bear Correction] * Insurance 56% ---> 62% [Bear Correction] * Media 58% ---> 64% [Bear Correction] Semiconductors 22% ---> 26% [Bull Alert] Wall Street 52% ---> 58% [Bear correction] Groups Moving Down: Biomedics 34% ---> 32% [Bull Correction] Metals 42% ---> 40% [Bear Confirmed] Steel 40% ---> 36% [Bear Confirmed] -RS Buy Signals: Equitable Company, Rite Aid, JB Hunt -RS Sell Signals: Cooper Cameron, Centocor, Advanced Fiber, Parametric Technology -Weekly Data: NYSE Bullish %: 50.2 OTCBP: 45.2 ASEBP: 45.2 DOWBP: 46.7 Option StocksBP: 47.9 Option Stocks % Above 10 Week MA: 51.30 30 Week MA: 56.50 NYSE % Above 10 Week MA: 51.56 ASE : 37.35 NYSE % Above 30 Week MA: 51.26 ASE : 45.53 NYSE High Low Index: 59.1 OTC : 51.0 ASE : 50.3 Have a great day, Bruce

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