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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Electric who wrote (12838)7/22/1998 4:09:00 PM
From: Ms. X  Read Replies (1) of 42787
 
Hi Electric,

If I might jump in. I saw mentioned the NYSE BP had never been explained to you.

The NYSE BP measures the percentage of Point and Figure sell and buy signals and is compiled of about 5000 stocks on the NY stock exchange. (The OTC BP measures Nasdaq).

A stock can either be on a buy or sell signal not both, so if you have more on sell signals, the NYSE BP goes down. More on buys, the NYSE BP moves up. It doesn't matter if a stock gives 27 buy signals it still only counts as one and the same for sell signals. What this does is it gives you a true measure rather than basing it on high flyers. The Dow is only 30 stocks. So, if it is moving up and you don't own the Dow 30, you may very well see your portfolio taking a dump.

We have been on what we call defense because the NYSE BP dropped from over 70% buy signals to 46% buy signals since April. More decliners than advancers. Meanwhile, the Dow is making new highs. What this tells you is the rally is very narrow. Probably most people aren't enjoying the rally unless they are in big caps.

With our short term indicators positive but weakening and the NYSE BP unable to gain enough buy signals to reverse to the upside, we worry. Next support level is at 34% and the last time it was there was in '94.

The good news is. Once the NYSE BP reverses up from the 30% level we start hunting for pennies hidden in the couch and start buying like crazy people. Good opportunity! The catch is not to get whipped out on the way down!

Hope that helped some,

Jan I am
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