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

To: Ms. X who wrote (3978)	6/21/1998 11:35:00 AM
From: Bwe	Respond to of 34814

Chartcraft Weekend Report: Chartcraft is most certainly an innovator with regard to the many ways they use and apply p&f data, charts, formations etc. Tom has said that Michael Burke, the editor of most of Chartcraft's publications, is like a detective in the p&f arena, and I must concur with Tom. In the latest Investor's Intelligence, a p&f chart was shown of the "Sum of the Broad Industry Group Rankings". What Chartcraft does is assign an incremental rank ranging from (Bull Confirmed) +1.0 -> +.5 -> 0 -> -.5 -> -1.0 (Bear Confirmed) based on the status of each of the 42 industry groups' bullish %'s. At chart highs (+20 or higher) most of the groups are bullish and at chart lows (-10 or less) most groups are bearish. As always, reversals from the extreme readings are times to make a move. The week of June 10th, the reading was -9.0, and in a Chartcraft Report this week, I reported that the Industry Group Bullish % sum had fallen to -17.5 (it's somewhere in the last Chartcraft Report). That was a huge down move in 1 week and SINCE 1990 THE INDUSTRY GROUP BULLISH % SUM HAS ONLY BEEN AT LOWER LEVELS 3 OTHER TIMES; October '90 (-20.0), May '94 (-33.0), April '97 (-21.0). Chartcraft cautions that it's impossible to tell how much lower this indicator can go, however, a reversal in this indicator bears watching. I will, of course, report back to the thread when this reversal eventually takes place. RS Sell Signals: EVI, Rowan Co. (two more stocks that have now rolled over in the oil group), Gasonics, Lattice Semi, RS Buy Alerts (one box from an RS Buy signal): K-Mart, Wrigley, Cigna, Legato RS Sell Alerts (one box from an RS Sell signal): Clear Channel, Newpark Res., Varco Int (2 more oil in the oil group), Level One. Bullish RS Reversing to Up Column: Delta Air, Merck, Excite Bearish RS reversing to a Down Column: Newbridge Networks, US USX Steel, Potash, National Steel "Dow was down 384 points from a week ago. NYSE Bullish % moved to Bear Confirmed status. We've not been below 30% since December 1990, but odds favor that now. We look for price objective of 8150-8500." Bruce