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

To: Ms. X who wrote (7781)	5/10/2000 3:50:00 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 9427

That's what I was thinking....now are you long or short?! <gg>

To: Ms. X who wrote (7781)	5/10/2000 3:51:00 PM
From: Daveyk	Read Replies (1) \| Respond to of 9427

Here's an article I found interesting. Questions? Comments? 15 Minute Response Click here! Commentaries Special Commentary Market Recap Market Observations Related Products Online Store Sitemap Website FAQ Search our Site: Featuring: View Printable Page E-mail this observation to a friend Add this content to your website An Update On The Consensus Index Of Bullish Market Opinion 5/10/2000 11:30:51 AM In a Market Observation that appeared yesterday, we discussed the Index of Bullish Market Opinion that is published on a weekly basis by Consensus Inc. of Kansas City. The survey, which polls futures traders, has served as a strong contrarian indicator in the past. A large percentage of bulls will tend to occur when the public is already fully invested in the market. As a result, the sideline cash needed to push the market higher may be somewhat depleted. Conversely, when the percentage of bulls is at historically low levels, it will often correspond with a market in which the public is under-invested. In these instances, a greater amount of sideline cash is available to ultimately push the market higher. This morning, the most recent percentage of bullish opinion survey was released. The percent of bulls has now fallen to 21 percent. Last week, the figure stood at 31 percent. Today's reading of 21 percent is the lowest result since the 20-percent reading on October 15 (see the first chart below). That reading corresponded with a short-term market bottom and a successful test of the 10-month moving average for the S&P 100 Index (OEX - 747.48) (see the second chart below). The only move below the 20 level in the last six years came in August 1998 in the middle of the international financial panic. This signal also effectively marked a stock-market bottom at that time, as the OEX was able to find support at its 20-month moving average. Chart courtesy of Schaeffer?s Daily Sentiment Chart courtesy of ILX Systems As mentioned yesterday, the best "buy" signals from this indicator come after the percent of bulls has moved back above the 30 level after a reading below this mark. This is because pessimistic sentiment (a low percentage of bulls in this instance) can always become more pessimistic. Since the public will likely be most pessimistic at the ultimate bottom, it proves beneficial to wait until a bottom in negative sentiment can be clearly identified. - Jeremy Rehm (jrehm@sir-inc.com) Previous Observation \| Next Observation Get notified of Market Observation updates View the last 10 \| 20 \| 50, or the most recent trading day's Market Observations View Printable Page E-mail this observation to a friend Add this content to your website If you have a question about this or any of our other Market Observations, please send a note through our Contact Us page. The SIR Research Department regularly provides SchaeffersResearch.com with a series of timely market observations. If you would like to be notified by e-mail as these free reports become available, please enter your name and e-mail address below. Note: You only need to sign up once to receive regular daily notifications. First Name Last Name E-mail Address Postal/Zip Code: Phone Number <-----OPTIONAL Fax Number <-----OPTIONAL Disclaimer: The information and data contained in this page was obtained from sources believed to be reliable, but accuracy is not guaranteed. Neither the information, nor any opinion expressed, constitutes a recommendation to purchase or sell a security, or to provide investment advice. Options involve risks and are not suitable for all investors. ¸ 2000, Schaeffer's Investment Research, Inc. All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.