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

To: james ball who wrote (5708)	8/12/1998 9:53:00 AM
From: Bwe	Read Replies (1) \| Respond to of 34811

More Chartcraft stuff: Two more short sales recommended last Thursday, August 6th: Avery Dennison....Stop at $63 SLM Holdings......Stop at $52 Portfolio additions on the long side were suggested Monday, 8/10: America West Precision Castparts LTV Getchell Gold Some recent technical indications: High Pole Tops: Allergan, Harley Davidson, Shopko Stores, Abbott Labs, Tootsie Roll, IBM, Avery Dennison, Household International, Mylan Labs, Unisys, United Rental, K-Swiss, Tyco International. 201 Selling Climaxes last week. A very high number. Many low pole reversals also positive from last Tuesday's lows. Monday, the OTC a/d line reversed up for the first time in quite a while. The Banking sector is on shaky ground as many in the group are breaking long term uptrend lines that go back a number of years. Chase Manhattan, Citicorp, PNC Financial, and Golden West Financial have all broken their Bullish Support Lines. Golden West broke it's BSL at $96 a couple of weeks back and is down over $15 since then. Chase broke it's BSL with a Bearish Catapult formation at $68 dating back to 1/95. The fundamentals don't seem to warrant such action but stocks are forward looking instruments and are more than likely factoring in information yet unknown to the general public. Bear Traps (bullish): Rambus, Discreet Logic, General Dynamics, Emerson Electric, trhree Five Systems, Echostar Chartcraft's daily Wednesday comment will be summarized later. Take care, Bruce