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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (15290)	3/9/1999 8:02:00 PM
From: James Strauss	Read Replies (2) of 34812

Jan: Thanks for that trip down memory lane... : > As I continue to read Tom's book, I can appreciate that it covers more than just PnF, but a whole trading and investing philosophy... Perhaps the most important advice given is to first look at the direction of the whole market... Is it going up or going down... This allows you to take an offensive or defensive posture... Secondly, locate those sectors that have the best or worst relative performance, depending on whether your investing posture is long or short... Lastly, select those stocks within those sectors that have strong relative performance as a long or a short... Many people have it backwards... They select the stock first... As Tom said, "75% of the stocks follow the predominant market trend"... So, the proper stock selection process should be: 1. Determine market direction... 2. Select appropriate sectors based on Relative Strength... 3. Select stocks based on strong or weak Relative Strength within those sectors depending on whether you are trading long or short... The probabilities will be in you favor if you trade with the prevailing market trend... Jim

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