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

To: R Stevens who wrote (3442)	6/7/1998 8:28:00 AM
From: iGregor	Respond to of 34811

Hi R, How do you get the DWA charts onto an SI thread? Thanks. Greg

To: R Stevens who wrote (3442)	6/7/1998 10:28:00 AM
From: wizzards wine	Respond to of 34811

Hi R. Stevens, In looking at the chart of the Nasdaq you see marked the current support at 1750 where the chart has come down to twice and the lower tops showing that after each small rally, supply gave in and sold. The chart is on a double bottom sell with support, that being at 1750, and the formation is well above the BSL line at 1650. Regarding the broader market, all of the indicators are still in a column of O's and going lower, slowly now. Several of the sectors are close to reversing back into a column of X's and you may have noticed that the Momentum for the Semiconductor Sector did reverse back into X's on Friday. Remember that reversing back into X's in a sector is differant the having to get a double top buy in and individual stock. Currently we are looking for several indicators to revert to X's as they are in areas or ranges where they have reverted in the past, however we wait for them to revert and do not force or guess when they will make the change to X's. I'll look at AOL and DELL a little later and comment... Just my thoughts... Later Preston

To: R Stevens who wrote (3442)	6/7/1998 12:14:00 PM
From: wizzards wine	Respond to of 34811

Hi again R. Stevens, I've looked at both AOL and DELL....which way to go?????? AOL has given four consecutive sell signals in a row and is at 83 in X's. RS is buy in X's and momentum has been negative for 4 weeks. It has been forming lower bottoms and tops, and would need an 85 to produce a buy signal. One generally would not want to go against the signals, yet with the overall market conditions in such a negative flux and nearing a point where there could be a reversal, I'm not sure that shorting would be wise either. Tom's comments for this type of situation are generally go to the sidelines until a clearer picture forms. Dell is giving a similar signal, what with four consecutive sell signals but then a change to higher bottoms showing demand coming up a bit yet the tops are at 85 and holding or resistance. RS here is also buy in X's and the momentum has been negative for 2 weeks. A move here to 86 would give the first buy signal and could result in a brief rally. But remember the overall control is the market and the sector that ultimately control the rise and fall of the stocks. Monday will be interesting to see what happens after Fridays nice gain. If Asia, the Middle East, India, Russia, and Europe ect... don't have any negative news then the US market could well rally up some more. But with this group of players influencing the market so, I for one would stand on the sidelines and let the signals develope. Timing the bottom and top with P&F is not possible, but maximizing you rewards is if you let the signals develope and the stocks come to you. Just my thoughts... Hope they helped. Later Preston