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Strategies & Market Trends : Point and Figure Charting

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To: sanke who wrote (13794)	2/10/1999 8:26:00 PM
From: Ms. X	Read Replies (1) of 34806

Market Update. Well, much to no PnFers surprise - things were down. Everything from NYSE BP to the DJBB moved a box or so lower. Today even showed a huge gap between new buy and sell signals with the sells wining. Those O's have quite an attitude lately. What we want to do here is watch the Optional bullish percent for guidance. I know everyone is getting itchy fingers and y'all can't stand the cash burning a hole in your accounts - of course - everyone has their own plan... Optional BP down this week no near reversing back up. You can find stocks to buy but you must be very careful. DJIA is at a critical support level here at 9100. 9050 will be a spread triple bottom break with the next support at 8700. Momentum is still negative NASD as our illustrious outspoken and might I add a damn fine dancer - Jorj X pointed out, our darling NASD gave another sell signal today at 2300. Next support at 2210. SP 500 broke a spread double bottom today but has good support at 1210 and 1195. Beyond that and we are into the various assorted levels of Yuckie poo poo territory (1140-1120). SPY is holding at 122, 120 is a double bottom break. In closing, everything is craping out. Technically speaking of course. OK, that isn't exactly accurate - as a PnFer I knew things were hitting the skids several weeks ago but still, nothing here has me leaping off my chair. Still in PnF repose.

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