Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: FishbackJ who wrote (6512)	8/31/1998 10:13:00 AM
From: Bwe	Read Replies (4) \| Respond to of 34811

Chartcraft Report: Random Notes......... -Last week the Dow lost 5.65%, the Transports lost 5.3%, and the Russell 2000 lost 9%. -The US Dollar Index had a Buying Climax and a HPT and looks to be heading lower in the near term. -650 stocks were up on the week while 2,900 stocks were down. -98 stocks made new Highs while 1,300 stocks hit new 52 week lows. "That's a lot" of new lows. -Gold is at a 19 year low moving below the $276 level. -Indicators are Bearish but oversold and an oversold condition can stay that way for a long time as investor's are quickly finding out. Indicators are at low levels last seen in December '94 and October '90. -Looking for the following indicators to reverse up in the following order.......NYSE High Low index......NYSE Stocks Above Their Own 10 Week MA........Option Stocks Bullish %......final confirmation from NYSEBP... -Insider Work suggests the market will be negative through December, then neutral from 1/99 - 3/99. Bearish 4/99 - 6/99 and then finding a final bottom in August '99. The long bottoming process here suggests action similar to 1981-1982. Technical Indications: Bear Trap Reversals (bullish): Bed Bath & Beyond, Discreet Logic, Fred Meyer, Ramsey Health HPT's (bearish): Beckton Dickenson, Watson Pharm, McClatchy Newspapers HPB (very bearish): Airtouch Communications Buying climaxes 18 (bearish): CBA, Eli Lilly, Cisco, Pulte, Vodaphone, Sun America, Forest Labs, Omnicom, Eagle Hardware, Rite Aid, Walgreen, Tanday, Boston Scientific, Jack Henry Selling Climaxes 19 (bullish): Gibson greeting, Nabisco holdings, Broadband Tech, WR Berkley, YPF SA, Century Aluminum, Northwest Air, Adobe, Swiss Army. See you all later..... Bruce