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

To: Jorj X Mckie who wrote (5721)	8/12/1998 12:23:00 AM
From: Ms. X	Read Replies (2) \| Respond to of 34811

RMBS: Pulled right down to the BSL and will tomorrow, no doubt reverse back up. RS is almost on a buy signal and is getting stronger adding one more X this week. Great support at 51/52. Resistance at 63/67 69 68 67 X 66 X O 65 ----------------X O ------------- 64 X X O 63 X O X O X 62 X O X X X O X O 61 X O X O X X O X O X O 60 X O X O X O X O X O ----X O ----- 59 X O X 7 X O X O X O X O 58 X O X O X O O O X O 57 X O X O X O X X O X 56 X O X O X O X O X O X O 55 X O --O X --------O X O X 8 X O 54 X O X O X O X O X O 53 X O O X O X O X O Med 52 X O O O X O 51 X O * 50 X --------------------------* ------------ Little P&f lesson here. Today the chart added two more O's. I know those watching RMBS wonder what kind of silliness that is since they went up 7pts (or so) during the day. Well, the chart was in a column of O's at 54 so the first thing to look at was whether or not the stock traded below 54 to close more boxes. It did, moving to 52 at some point during the day. We can only go one direction on a P&F chart a day so down it goes, two more O's. (I'm a poet) But, looking at the high of the day (61 7/8), you know RMBS will be in X's on the chart tomorrow, most likely with a double top buy.