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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (5405)	8/5/1998 8:55:00 AM
From: Bwe	Read Replies (4) of 34811

Chartcraft Report: NYSE Bullish % falls to 36.1% Weekly Data: NYSE Bullish %: 36.1% OTC : 30.2 Optionable Stocks: 30.6 ASE : 37.0 Dow Stocks : 26.7 NYSE stocks above their own 10 week MA: 18.03 30 week MA: 23.81 Option stocks above their own 10 week MA: 16.0 30 week MA: 27.8 NY High Low Index: 9.3% Bullish Advisors: 50% Bearish Advisors: 27.6 My commentary....The NYSEBP is at the lowest levels since 12/94 and has only been lower twice before in the last 11 years (18% 9/90 and 20% 12/87). Still too much optimism in the survey of advisors and that leads me to believe that Chartcraft's Dow 8,000-8,400 target will be reached and probably reach the lower end of that range. Broad industry Group Action: 37 groups moved down.........0 moved up..........10 status changes........8 groups moved to oversold levels Broad Industry Group Bullish % Sum moved to -36.5 down from-24.0 last week. I've asked Michael Burke to send me a longer term copy of this chart, however, my chart goes back to 1990 and this weeks action surpassed the previous low made in May '94 at -33. Because this data is so important, I'm going to post it immediately and put the Broad sector action in another post. Take care, bruce

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