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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Ms. X who wrote (22532)	7/20/1999 8:40:00 PM
From: Ms. X	Read Replies (2) \| Respond to of 34811

Market gawkin'... Alrighty then... The good news is that we will have an indicator update tomorrow night. I believe we will see a decline in the indicators on the week but probably not enough to reverse things. Yesterday, with today being the most impressive, brought many more sell signals than buy signals. Look at the Market commentary on DWA (calendar of events) for the numbers. Really what we are seeing is a pullback to support. It always seems drastic but remember nobody was aghast with the market climbing 120 points or the Nasdaq climbing 98 points. What goes up must come down and when it does, it isn't always cause for panic. The Dow is on a normal pullback and can go an extra 600 points before finding support. The Nasdaq is right at support today and it did break one bottom to reach that support. All this being said it is true that everyone wants to protect their positions the best possible. We always talk about what your plan is and how that governs you actions during times like these. If you wanted to buy some of these tech stocks but thought they were too high, now is your chance. If you are long and forever holding I don't see anything to panic about here. If you are trading you should have been taking profits off as you made some money or setting profit stops. If not and as long as your stocks are still overal positive - again, I see nothing major here to worry about, it just isn't a lot of fun right now. Of course, if charts start to break down that is another thing. We already saw the semi sector reverse down and everyone could see how high these stocks had traded to. Also, it has been mentioned several times on this thread that the sector bell curve was getting over bought. Pullbacks like today may bring the sector bell curve back to a normal position. What to watch for: Wednesday nights indicator report. The 10 week still remains in O's and if it still can't turn to X's that is something of a conversation piece. If the High Low reverses down that is enough to raise and eyebrow or two. If the Opti reverses down again - well there ya have it. I don't think we'll get info like this this week. If your sectors and stock charts start to break down take it seriously especially if the two happen together. All is the same as far as warnings but I think we are doing OK here. Of course the PnF bloodhounds are always here to sniff out any change at any hour, any day.