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

To: Ms. X who wrote (4280)	6/30/1998 1:02:00 PM
From: Bwe	Respond to of 34812

Chartcraft Report: -NYSE Bullish % has first upturn since May 5th (4/28 67.3 --> 5/5 67.8%). This week's reading came in at 47.7%, up from 45.8% last week. A move to 52% on the chart would be needed to reverse into a column of X's and change the status to Bear Correction. In his book, Tom equates a Bear Correction market to a "flashing red light" signal. Keep an eye on 52% as a reversal point. -Advisory Sentiment: Bulls: 44.9% Bears: 31.4% More bulls and slightly less bears than last weeks reading. -Broad Industry Groups: 5 up moves and 5 down moves for the week Groups Moving Down: Chemicals 40% ---> 38% (Bear Confirmed) Forest Prod/Paper 36% ---> 34% (Bear Confirmed) Machinery 48% ---> 46% (Bear Confirmed) S&L's 58% ---> 56% (Bear Confirmed) Waste Management 44% ---> 42% (Bull Correction) Groups Moving Up: Computers 32% --->38% (Bull Confirmed) Media 52% ---> 58% (Bear Correction) Semi's 16% ---> 22% (Bull Alert) Software 38% ---> 44% (Bull Confirmed) Wall Street 44% ---> 52% (Bear Correction) Broad Industry Group Sum moved up to -19 from -20.5 A move to -17 would cause the chart to reverse up into a column of X's. -NYSE Stocks Above their 10 week MA: 40.44 30 week MA: 45.28 Option Stocks Bullish %: 45.2 Above their 10 week MA: 43.6 30 week MA: 54.7 "We've seen some improvement in our Technical model, but not enough for it to turn positive. We do think the second half of the year will be sideways to down and set the stage for a very good year in 1999. We would stay defensive here." Have a good day. Bruce