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Strategies & Market Trends : Point and Figure Charting

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To: Al Serrao who wrote (4966)	7/22/1998 12:54:00 PM
From: Ms. X	Read Replies (1) of 34811

Hi Al, As you know the NYSE BP never reversed up, close, but still no bananas. The short term indicators did reverse up and with them moving steadily up but no reversal on the NYSE BP, we started wondering if we wouldn't see a lower NYSE BP soon. If the short term indicators now reverse (I don't know if they will) that could very well push the NYSE BP lower. All it takes are some sell signals and off we go. This is why we say while the NYSE BP is in O's you have to be cautious. Most of our recent recommendations have been in sectors that had gone through their own bear market and had reversed back up. Reason is, less risk. We also advocated buying those with strong RS because of the NYSE BP being in O's. I think you can now see why. We have had a very narrow rally. Big caps have been making new highs while most stocks are stagnant or declining. If the rally poops out for the big caps I'm wondering if it will push the small and mid caps down with it. What to do? The same as you have been doing. Watch everyone of your positions carefully. RS reversals to the negative side, breaks of bsl's or consistent sell signals need to be paid attention to. Where the Dow lands doesn't effect me much 'cause I don't own the Dow 30. However, if the Dow drops, more than likely it will take weaker stocks with it. We will see that in the NYSE BP and short term indicators. Tonight the indicators come out and I'll update the thread as to the short and long term picture. I just took a peek. Not looking good. All indicators down from last week. My view is: We've been on defense, we are still on defense and we aren't going offense any time soon. Take care, Jan I am

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