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

To: Nancy who wrote (3860)	6/18/1998 10:25:00 AM
From: Ms. X	Read Replies (1) \| Respond to of 34820

Hi Nancy, Yes, the NYSE BP did not reverse up after yesterday's action. The Dow is 30 stocks,so when the market is up 200 we can be pretty sure that those 30 are doing well or at least a good portion of them. But the NYSE BP measures 8,500 stocks and the Optional Bullish percent is a smathering (forgot the number) of NYSE, AMEX and NASDAQ issues. Because of this the Optional Bullish percent is a much more shorter term indicator than the NYSE BP. The Optional BP didn't even reverse up yesterday. You have to have a significant amount of buy signals for the indicators to start moving to the upside. A lot of issues were on long tail down patterns and it would take 10pts or so to give it a buy. Others don't have to work so hard obviously. If a stock was already on a buy signal, another buy signal on its chart doesn't move the NYSE BP. Only those going from one signal to another. Each stock in effect, gets one point, either buy or sell. This is why it is much more effective at determining your risk than looking at the Dow. I don't know what happened to Jerribeans :-( Miss him too!!!