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

To: wizzards wine who wrote (4233)	6/29/1998 12:25:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 34812

be careful with PFE more news coming out and downgrading going on today...

To: wizzards wine who wrote (4233)	6/29/1998 1:18:00 PM
From: Bwe	Read Replies (1) \| Respond to of 34812

Chartcraft Report for Monday 6/29/98 -One of the key short term trend indicators, the NYSE High-Low Index, moved to Bull Alert status at 34%. The High-Low index is computed by taking the new highs on the NYSE, dividing the new highs by the sum of all stocks making new highs and lows, then taking a 10 day moving average of the calculation and plotting the results on a p&f bullish % type chart. Reversals from under 30% puts the indicator in Bull Alert status and it pays to start looking for stocks with bullish RS that have held up well during the recent market declines. -NYSE advance/decline line moved above where it was 10 days ago and that is another short term positive signal (see Chartcraft Reports from last week that covers the a/d line and it's 10 day MA). OTC weekly a/d line also turned positive for the first time since April 17th. Another positive. -Indicators are positive short term rebounding from oversold levels, negative long term. Chartcraft likes to say: "if indicators change, we'll change" and Chartcraft is looking for improvement in the NYSE Bullish % in order to change the longer term outlook. -Technical Indications: Bear Trap Reversals (bullish-trip-le bottom sell and stock reverses back up without dropping another box) Gundle Environmental, Wisconsin Central, Litton Industries High Pole at the Bearish Resistance Line (very dangerous pattern): Access Health, NBTY Buying Climaxes 12 (a sign of a top...distribution) : American Home Products, Aames Department Store, Beckton Dickenson, Laser Vision Centers, Cato Corp. Selling Climaxes 64 (a sign of a bottom...accumulation): Alcoa, Boeing, Chesapeake Energy, Cummins Engine, Dallas Semi, MGM, Millipore, Wabash National, Chiron, Gymboree, Security Dynamics, Southwest Energy, Union Pacific Resources Stocks that have selling climaxes are fertile ground for value oriented investors looking for stocks that are showing signs of bottoming and might be ready to turn around. When a stock has a SC, the stock gives this subtle clue that someone is accumulating the stock. The stock finishes the week with a gain after they've made a new 52 week low that same week. Have a good day everyone. Bruce