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Strategies & Market Trends : Point and Figure Charting

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To: Bwe who wrote (5734)	8/12/1998 2:56:00 PM
From: R Stevens	Read Replies (2) of 34811

Bruce, Thank you as always for the report. The main coach for p&f chartists, The NYSE Bullish %, moved to the oversold level this week at 29.6%. This is the lowest reading in this indicator since 9/90 when the NYSEBP moved to as low as 18%. Think about it, on May 6th, 72% of stocks on the NYSE were bullish. Now, that number has shrunk to 29.6%. What I find remarkable here is that the markets hit all time highs just a few weeks ago, and yet now in just a matter of days the NYSEBP is at it's lowest point in 8 years. How can the time period between the two be so short? Apparently a lot of stocks can go from buy signals to sell signals very quickly! Am I correct saying that? Thanks, RS

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