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Strategies & Market Trends : Point and Figure Charting

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To: John Post who wrote (8141)	10/1/1998 8:56:00 PM
From: Ms. X	Read Replies (1) of 34809

Market update for tonight. Well...well...well... Aren't those market people just all in a pissy mood. Didn't anyone tell them the NYSE BP reversed up? Thought we were being fairly public with that bit of news. Guess they didn't get the memo. Be that as it may - what has all of their shenanigans done to our little party? Not a whole heck of a lot quite frankly. Don't have the numbers through today but the NYSE BP was only down 1% as of yesterday. The Optional Bullish percent was down about 2%. Neither close to reversing down. Today's action I'm sure, affected our little babies but not enough to reverse them. If the NYSE BP does reverse down at 30% remember it isn't as bad as when it reverses at 70%. We must keep our perspective. As we said, things are very volatile at these lower (and upper) levels. Traders heaven if you can time it. For those long term the volatility can have you down at the drug store hourly buying all the antacids you can find, unless you are a true blue P&Fer in which case you just go shopping - for new shoes - or something. Anyway. On the DJIA front, it did break another bottom today and is heading towards the support at 7450. I'd say it is very possible for it to reach the 7450. A break to 7400 would be worrisome indeed for the Dow. It is not that unusual to see a test of old lows in the Dow Jones, we saw it in 1990 and 1987 before it really started taking off again. The Nasdaq just broke the first bottom today and next support is at 1620. Low in September is 1480 so it is still well above its bottom. It is very important to watch the relative strength of stocks. Choose only those that have been outperforming the market. Right now, outperforming can mean the stock is down but not as down as the market. I know that isn't much fun but it is reality. DWA posted tonight a good tip. Check to see where your stock was in September, if it is below the September lows you better seriously evaluate that stock. If it is above the September lows, great. If your stocks RS flips negative, check it out. Breaking bottoms right now isn't unusual. A lot of stocks (much like the DJIA) are building bases and breaking bottoms is common for such an activity. If you have a stock that is below a bearish resistance line I wouldn't let it out of my site for a second, especially if the RS is negative (I get the heebeejeebies just thinking about it). I see Cisco was of huge discussion today. It has support at 55 and then at 49. A break of 49 would be a big no no for Cisco and somebody may want to give Chambers a call to let him know. That would also be the bottom of its trading band and a great place to pick up some CSCO stock if it holds. (IMHO disclaimer yadda yadda don't sue me for saying so I'm just a simple P&Fer etc...) I'll be around so if anyone has any questions...(boy, did I just open myself up for some long hours..) :-)

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