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Strategies & Market Trends : Point and Figure Charting
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To: chartseer who wrote (14308)2/20/1999 11:07:00 AM
From: james ball   of 34813
 
Well looking at investors intelligence sentiment, most still think it will rally. ONly last week the index was at 61% something like a 10 year high. I don't think sentiment thinks it will go down yet. At the bottom in 1994 the sentiment was exactly opposite what it was last week. Short term indiators are very oversold and yes a good rally could ensue but watch the ad line. For us we stick to the indicators and will go which ever way the locomotive goes. We're the cabboose. I'm not too interested in trading a short covering rally long. I would use it to sell short stocks like the ones we put out last week. These types of rallies if they happen as you expect are great for shorting. IF the indicators reverse up especially the Option stock BP we will go long for short term play as we did in July with stops placed. Actually palced not mental. We don't predict. WE leave that for others. We settle for being the back of the train. It has worked for about 20 years for us so far. Tom
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