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Strategies & Market Trends : Point and Figure Charting

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To: stan s. who wrote (8077)	9/30/1998 3:09:00 PM
From: Ms. X	Read Replies (3) of 34809

Stan, Excellent question so you will have to take away your self imposed "idiot" label. Let me ask you this (to get you to think about this) why wouldn't you want a representation of what people were willing to buy or to sell the stock to? Does the close price alone give you that information? Just registering the close prices doesn't give you the whole picture. The only way to truly measure supply and demand is to track the full breath of the stock movement. This is why we take the highs and lows of the day. Where was the stock bought to and are "they" willing to buy it past a previous high. Where was the stock sold to and are "they" willing to sell for less than a previous bottom. For whatever reason and it doesn't matter what reason really (TA wise), RMBS was bought past previous resistance. Demand was in control. The close price doesn't represent this. For you to understand this you must follow more than one stock. Check lots of charts and how breakdowns and breakouts work. Can you imagine if you only noted close prices ignoring a major breakdown mid-day in a stock? Next day it drops 20 points and you would be left wondering why. The answer would be it was sold during mid day past previous support indicating something really was wrong with the stock. Yadda yadda. I could go on with examples. I hope this at least cleared some of it up... I hope... Ready for next question. Jan I am

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