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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (7578)	8/8/1999 10:32:00 AM
From: Allan Harris	Read Replies (1) \| Respond to of 15132

Good grief, is this a typical correction in DW P & F for the nets in previous market corrections? This particular sector's Bullish Percent chart has only been published since March of this year so there is a limited time period on which to assess it's performance. But based on the general integrity of Bullish Percent analysis, the routine manner in which BP analysis has historically been effective across a broad spectrum of sectors and the fine job the Internet BP has done in it's short existence, I have no reason to doubt it's effectiveness. The Internet BP dropped from 82 in April to 22 in June, while CMGI dropped from 165 to 71 in the same period. The BP then rose to 68 in July, with CMGI running from 71 to 126. With the fall in the BP to 18, CMGI hit a low of 66 last week. Where to next? This is where the BP analysis comes in handy in assessing probabilities. In a sense, Bullish Percent analysis is simply gauging extremes in sentiment and bases it's sentiment reading on underlying Point & Figure price action. This is a pure, objective measure of sentiment, paying attention to what they do not what they say. I am coming to believe that the correct assessment of sentiment is an often misunderstood, but always a critical factor in successful trading. The Point & Figure Bullish Percent seems to be very effective in identifying tradable peaks and troughs in sentiment. A

To: Justa Werkenstiff who wrote (7578)	8/8/1999 5:41:00 PM
From: Justa Werkenstiff	Read Replies (4) \| Respond to of 15132

HK bankers group chief sees no yuan devaluation HONG KONG, Aug 6 (Reuters) - The chairman of the Hong Kong Association of Banks said on Friday he saw no need for China to devalue the yuan. HKAB chairman Liu Jinbao, who is also chief executive of the Bank of China in Hong Kong, also said he had not seen any sign of change in China's policy of maintaining its currency at current levels. "We haven't seen to date signs of change in the renminbi exchange rate policy," Liu told reporters following the HKAB's regular weekly meeting. "Judging from the present situation...I presently think that there is no need for a yuan devaluation now," said Liu, adding: "I hope there won't be too much speculation in the market." Rumours of a yuan devaluation, which have popped up from time to time over the past couple of years, have been circulating more frequently recently because of China's poorer trade performance and amid worries over a row between Beijing and Taiwan. Liu said he believed the financial markets have been too sensitive to rumours about a yuan devaluation. China's central bank earlier on Friday reiterated there had been no change in its policy on the yuan. Beijing has promised not to devalue the yuan as long as economic fundamentals support its current value against the U.S. dollar. On Friday, the yuan was at 8.2773 per U.S. dollar.