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Strategies & Market Trends : Point and Figure Charting
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To: Challo Jeregy who wrote (11813)12/21/1998 2:28:00 PM
From: james ball  Read Replies (2) of 34811
 
Challo, I will discuss how the flashing yellow light will be on. Although the risk level is Bull Correction it still warrants caution. Over the last week we were not able to accumulate any net new buy signals which shows the rally is confined again to a few stocks. The year end rally as expected is taking place and institutions are window dressing as they have many small caps which are still undewater. Russell 2000 and Value line still down on the year. Think back to July when the NYSE, DOW, SPX went to new highs while the NYSE Bullish Percent was unable to gain any net new buy signals. Keep this firmly in mind. As we mentioned in our report, this risk level, Bull Correction is usually short lived and not a red light but a flashing yellow light where you still have the right of way. Only the caution flag has risen. If you are strictly in the big stocks and the internet stocks then you are doing fine but others are not. If this rally is to follow through for any lenght of time there will have to be some net new buy signals. The Advnace Decline Line is still on a sell signal and has not even reversed up into X's. Remember, you have a liftime to invest you don't have to jump on every rally. Work your plan without deviation. As for the stocks I recommended last time JNJ, HNZ and CPB they are all down as usual. So that will be the first thing I will have to contend with even though it's only been 21 days there abouts since they were recommended. They don't seem to understand or care that 21 days does not an investment make. At anyrate it's in the script. So that will be it in a nutshell. It's getting tiring going up there for this. T
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