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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (14569)	2/23/1999 8:01:00 PM
From: Ms. X	Read Replies (3) of 34816

Market update. Not much to report tonight since I haven't an inside to the numbers. There were more buy signals than sell signals today 48 to 23 but that is hardly enough to reverse the NYSE BP. Remember it takes 6% to reverse up. 25 more buy signals ain't gonna cut it. Last week there were I think 250-300 more sell signals than buy signals. See? What we want to know is how the 10 week and High Low are doing. We will be able to find this out tomorrow night. Also interesting will be the Optional Bullish percent and OTC. Until then, keep perspective. It was only last July that the Dow hit new highs while the NYSE BP was unable to gain any sponsorship for a reversal. Soon after, the Dow collapsed but the broader market (as you can tell is happening now by the current AD line) had already been taken behind the shed and shot. The sentiment is worrisome too but this just food for thought until we see the short term numbers. Don't fret. If they do reverse, you will be afforded plenty of a rally if you pick the right stocks. You haven't missed the boat folks should that occur. Just think of it this way, if it doesn't occur, you have saved yourself a headache and more. I'd rather miss the beginning of what might be a rally than jump in only to find out it was a head fake. Until tomorrow. My recommendation for the evening is of course the white candle and a nice glass of wine. Cheetos too. I think it is a fine evening for Cheetos (the puffy kind). Oh, also. This is important. If this does happen to be a rally in the makes, you should by now have a selection of stocks ready to go for a short term trade. Have the plan set and know what you will do if it turns against you. You should always have a list. Be ready for rallies when they come, you wait long enough as is. Again, I don't know this is happening and honestly I don't feel it is, but in case I'm wrong I want you prepared. Jan I am

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