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Strategies & Market Trends : Point and Figure Charting

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To: Giordano Bruno who wrote (13266)	1/30/1999 2:20:00 PM
From: james ball	Read Replies (3) of 34811

Let me answer one more thing I apparently missed. How can the S&P be at a new high with more sell signals being given. That is simple, the S&P is capitalization weighted. The largest cap stocks ie. top 40, have the most votes in the index. These are the stocks that carry the index. As these go up the index goes up but the vast majority could easily be going down because of the smaller weighting they have. Like in July last year the indexes went to new highs and the TV stations were so thrilled the markets were at new highs all during the time the NYSE BP was giving sell signals. The average stock was down 48% according to DLJ last year. If IBM and GM went up 20 points on MOnday the Dow Jones woudl be up big time but would that really reflect the market. Answer no. With the advance decline line giving a sell signal last week, more stocks have been going down than up. Don't be like the rest of the world and get trapped up in new highs in the Dow Jones. Keep your eyes open. Tom

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