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

To: Tigress who wrote (5889)	2/3/2000 7:54:00 PM
From: Tommy Dorsey	Read Replies (4) \| Respond to of 9427

Only if Greenspan doesn't bail them out again. The NYSE BP doesn't need vindication. One day does not a market make. The indes is what it is. The market also does not have to collapse for the defensive mode to be the right call. In many cases the move only signals a sideways market that is much more difficult to negotiate than the up market most are use to. Don't misunderstand it. It is not signalling a collapse as some might expect. Go back and look at the reversals over the last 20 years for edification. The index is also at a very low level now as it is. In May 1998 it was above 70% and that carried more risk. Think clearly what causes the change in the index Tig. My money managers will only go to max 25% cash in defensive moves. It also helps to look at the RS vs S&P 500 chart on sector indicies you might trade like the BKX or SOX or XAU. They can give you much insight into how bad a correction in a sector might or might not be. Tom