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Non-Tech : Dorsey Wright & Associates. Point and Figure -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (1040)	10/14/1999 7:12:00 PM
From: Tommy Dorsey	Read Replies (2) \| Respond to of 9427

Tom I forwarded your question to Sue who is more familiar with the futures than I. T

To: Jorj X Mckie who wrote (1040)	10/14/1999 7:21:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 9427

Tom, I have seen P&F charts before where the futures give a sell signal and the cash does not. The futures signal can be early or incorrect. I have definitely seen it be incorrect. I remember our head floor trader for Citi in Sydney who had a monstrous 30 foot long chart of the all-ordinaries ( their SPX) and all the traders ( all were either currency or FX traders or in swaps or funding etc) were standing around looking at the futures and saying it had broken down... I took the contrary just because there were 10 people thinking the same. this was in April 87 and many felt a crash was coming but we had more upside and we were ending a correction rather than having more downside. one of the chief FX positioners that I worked with later reviewed the false sell and said "see the futures gave a sell but the cash did not , we should have taken that into consideration. He was an interesting guy who used quantum Mechanics to position. Who knows what that was but it sounded good. -g- John