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

To: tech fool who wrote (4827)	7/17/1998 10:48:00 AM
From: Al Serrao	Read Replies (1) \| Respond to of 34811

tech fool, hard to beat NB, currently in a bullish catapult. Otherwise look at Invesco Financial Services FSFSX which is a NL. Regards.

To: tech fool who wrote (4827)	7/17/1998 6:27:00 PM
From: Bwe	Read Replies (1) \| Respond to of 34811

tech fool, I'm about to sit down to dinner but I hope you'll accept my analysis of CMB which I'll be able to get to over the weekend. I've owned Chase for quite a while and it's been a terrific performer. I follow it closely. Bruce

To: tech fool who wrote (4827)	7/19/1998 9:03:00 AM
From: Bwe	Read Replies (1) \| Respond to of 34811

tech fool....A recent historical look at CMB's p&f chart reveals the following: On June 30th the stock gave a double top buy signal at $73. The initial buy signal is all that counts when it comes to figuring a price objective, but on July 1, CMB gave another buy signal at $76. The pattern looks to be an Ascending Triple Top and you could make a case for calling it a Bullish Catapult formation though it does not have the exact look of either formation. The price objective based on the p&f method of vertical counts for computing upside price targets is $91. The long term support line from the January, 1995 low of 16 1/2, which has remained unbroken since, is currently at $66. Additionally, a Bearish Support Line (bsl) at $69 offers minor support on this current pullback. Another trend line to be aware of is a Bullish Resistance Line (brl) at $82 . This will likely be the first stop when the stock turns around and continues it's advance. The move to $75-76 moved CMB out of nice basing action from April that always forms a good foundation for a nice up move. The next p&f sell signal for traders would be $71. A long term investor should keep an eye on $65. A break of a long term bullish suport line would indicate to me a change in trend, but the stock is comfortably $10 above that long term support line. 10 week MA: $71.56 30 week MA: $64.86 The RS is bullish and in an uptrend. Something to be aware of on the negative side is CMB had a Buying Climax (BC) the week ending 7/10/98. A Buying Climax occurs when a stock makes a new 52 week high in a given week and finishes that same week with a loss. P&F chartist's view BC's as a subtle sign of distribution. Another stock in the banking sector that had a BC is Bank Boston. Of course, it's important to look at how the stock moved before the BC and CMB's progress has not been frothy. Amazon.com also had a BC last week as well as many other internet related stocks, Lycos, CMG Info, Excite, and those stocks could finally be making a top. The last time CMB had a BC was in November '97 at a post split price of $63. It took the stock 3 months to better that price. I believe with earnings due out in the next few weeks, any correction the stock has will be contained above $72. That's where the next p&f sell signal is and I think the fundamental case for CMB is quite good and I don't think the chart will move into a bearish mode, even short term. This mild pullback is probably a good chance to accumulate stock before the next advance. Take care, Bruce