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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: j g cordes who wrote (1673)	7/24/1998 2:16:00 PM
From: Dennis J.	Read Replies (2) of 44573

Greetings! I am new to this thread, and just saw your post. I have an idea for you. Consider monitoring the oil service sector bullish percentage index on dorseywright.com. It's point and figure charting. You can buy his two books there, if you like. They have a free trial subscription for two weeks to the "cheap seats" version of their service ($25/mo vs $550 or so for the full searchable version). The BP Oil Service index is currently at 22% and going straight down. While the sector "looks cheap", it looked cheap last month also. Buying here might see it go even lower (like today?), and then you would have dead money for a while. Better to wait for the index to reverse up into a column of x's (would require a move to 25% right now). A reversal up to x's from below 30% would be a "Bull Alert", and usually a good time to buy. If you try it and like it, please let me know. Might also look at the thread "Point and Figure Charting" on SI. Good luck, Dennis Johnson

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