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Strategies & Market Trends : Point and Figure Charting
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To: Challo Jeregy who wrote (7262)9/14/1998 10:56:00 PM
From: Ms. X  Read Replies (4) of 34811
 
Challo,

I understand fully your concern but I only have this to offer.

When the NYSE BP reversed in May, everything seemed rosy and the press had nothing but warm and fuzzies to relate regarding economics et all. However, there were rumblings and the NYSE BP picked it up. We entered our "bear" market before the press knew anything about it.

Point and Figure is contrarian. Many times Tom has said to watch the magazines. If you see that on the cover of Time magazine that the market is over, gloom and doom and all Hell has broken loose - you know you got to get in. The reverse is true as well.

This is not to say ignore economic events but I know this much to be true. The news is finally out. We knew it in May the rest know it now.
When the NYSE BP turns back positive I will follow it as usual. I won't predict. I will assume that it knows something I don't, ahead of time. If it reverses down again later, I will follow it then too.

I know that seems simplified but the NYSE BP has proven itself time and time again. You are right to be concerned and to watch and to be prudent.

When the Optional Bullish percent turns not all is "right with the world" as you put it. It tells us trades are in play, short term. When the NYSE BP turns we go for long term. Play what is dealt Challo.

DEll, CSCO, LU etc don't look to be falling. Sectors hit bottoms and all three held up considerably well. We at least have rallies and short term plays happening now. We shall see if we have a long term play.

Take care,

Jan I am
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