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Strategies & Market Trends : Point and Figure Charting

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To: HighTech who wrote (5758)	8/13/1998 12:30:00 PM
From: Ms. X	Read Replies (1) of 34811

HT, Here is a comment from Tom regarding your question in 5758. We went long on a short term basis because the percent of 10, high low, opt bull percent and otc bull percent all reversed up. So we always play the short term followed up with stop. If the NYSE reversed up and went to long term bullish then we change to longer term outlook and take stops off. This did not happen so we kept short term. As the stocks we bought short term got stopped out, we went back to cash as the short term indicators reversed over. At that point everything was bearish again so we either play short or sit on the sidelines. In many cases a stock drops from lets say $60 to $35. Big hit. Market consolidates and then rallies. This stock then rallies straight back up to $50. That is a 42% gain but the stock did not exceed a previous top. Stock then falls back to $40. Cools off and then rallies, this time exceeding the previous top at $50, now a buy signal is given and one vote is counted. The first 42% gain was nothing other than a reflex rally and was not counted as anything as no resistance level was broken. Therefore the short term rally you witnessed did not turn enough stocks bullish to reverse the NYSE. T

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