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Strategies & Market Trends : Point and Figure Charting

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To: Jorj X Mckie who wrote (20461)	5/26/1999 5:19:00 PM
From: james ball	Read Replies (3) of 34809

No reversal. Everyone needs to understand what is going on here. I just got a call from a broker who asked me what I thought about the major reversal in AOL. I was Bull S--- as the chart barely reverses up. I realize hope springs eternal, but AOL or any other Nut stock did any revesing trend today. As soon as the Dow Jones rallies everyone things that constitutes a reversal in the Bullish Percent Indexes, It does not. This is why the bullish percent indexes are so valuable because they keep you focused on reality when the Dow Jones is like the hunting dawg Old Blue who can't smell a skunk at the garbage pit. He's going to head the rest of the rest of the hunting dawgs off in the wrong direction every time. He means well but he's lost his sense of smell. That's the Dow Jones. Probably there are tons of CNBC Mr. Jone's sitting home tonight thinking it's the new dawn and the wrekage they have as a portfolio is going to be alright. the AD line was not positive especially in light of a 170 point move in the Dow Jones of which IBM was 70 points. Like I said this morning I think you might see investors selling risk and buying safety. The Nuts have had their A-- kicked so bad they have to get some repreive. We also have a holiday coming up and we usually get an up week before it. Up until 1996 Memorial Day week was an up week for the previous 12 consecutive years. the last 3 years have been down years on this week but prior to that 12 straight up years. Everyone, settle back, remain focused. the Option stock BP is short term and in the past has had the abitlity to reverse down and up without a change in the NYSE BP. This reversl down does mean extra caution, buy on pullbacks and makes a good case for short term horizons. If it changes back it won't be overnight. It will probably take weeks. Anymore weekness like last week and the NYSE will reverse, no matter what a few stocks in the Dow Jones do. Stay focused, that is the way you win this game. Tom

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