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

To: Smooth Drive who wrote (7471)	9/20/1998 12:23:00 AM
From: Gottfried	Read Replies (1) \| Respond to of 34810

Eric, I'm going to reread your post and look at the pages in the book tonight. Thank you very much. Gottfried

To: Smooth Drive who wrote (7471)	9/20/1998 8:09:00 AM
From: Bwe	Read Replies (2) \| Respond to of 34810

Another classic post, Big E. Your message eloquently echoed the message I tried to get across to Gottfried, in that we must listen to the p&f indicators. I did some p&f analysis on some Oil Service stocks for another board and I'm reposting it here for those who might be interested: PTEN: Like so many stocks in the oil service group, PTEN had a long tail down pattern which occurs after a big run of 17-20+ O's (declining prices) and the first three box reversal up into a column of X's (rising prices) thereafter. PTEN fell 23 straight boxes from May - August to a low of $4 1/2. The stock's reversal to $5 signalled a trading buy signal. From the bottom fishing long tail down pattern, PTEN has moved on to a better supply/demand picture for it's stock and has given a double top buy signal at $5 1/2. PTEN is in an unmistakable downtrend with a Bearish Support Line (bsl) as the bottom at $ 1/2 and a Bearish Resistance Line (BRL) at $13 1/2 as the upper end of the trend channel. As I've written about with regard to the Crude charts, BRL's need to be broken to say that the long term trend has undergone a change. As it is, PTEN is approaching the middle of it's downtrend channel and has an upward price objective $15 .50. This is an incomplete vertical count and this po has a chance to rise. The risk/reward for PTEN looks pretty good at these levels. VTS: See above with regard to the long tail down pattern. 24 straight boxes down in a much shorter time frame (since August the stock has dropped from $33 - $15 in one column of O's), and long tail down patterns seem to work better when the time frame of the drop is compressed. Unlike PTEN, VTS dropped and gave another sell signal after reversing up to give a bullish signal and a trading buy with the long tail down pattern. Again, like PTEN, VTS moved from bottom fishing to demand outstripping supply for the stock and has given an ascending triple top buy signal (two consecutive p&f buy signals with higher highs and higher lows - this is bullish). At $19 1/2, VTS ran into a Bullish Resistance Line (brl) and fell into a bearish High Pole Top (HPT) formation. HPT's are warnings of price weakness in a Bull Alert markets, but are not the "nail in the coffin" of a stock as they are when the market is bearish configured. The next p&f sell would be at $16 1/2 and that's where the new Bullish Support Line (BSL) currently provides long term support. I believe that $16 1/2 would be the bottom on any price weakness and would be a great place to add to or initiate new positions. The upside po for VTS is $26. VTS has bearish RS, however, it's RS chart rolled over in August and the stock was one of the last oil service stocks to have it's RS chart turn bearish. The BRL is at $44 and a short term BRL is at $27. VRC: Became way oversold and surpassed it's bsl, which is the bottom of it's trading channel, when it reached $7 1/2. The rally to $11 1/2 placed the stock in a different kind of bottom fishing pattern called a low pole buy pattern. Click on the following to learn about low poles (Low Pole formations). Low Poles suggest a bullish change in the supply/demand picture for a stock. A move to $12 would give a p&f buy signal. The BRL is at $20 and short term resistance is at $13 and $15 1/2. VRC is behind PTEN and VTS with regard to moving on to bullish demand for the stock. the low pole suggests this could be changing for the better. CRK: No rush to do anything here. A move to $10 would be a low pole buy and needs to get to $14 for a p&f buy signal. BRL at $14 and short term resistance at $13. Bearish RS and other stocks look better to me. Best regards, Bruce

To: Smooth Drive who wrote (7471)	9/20/1998 11:04:00 AM
From: Ms. X	Read Replies (1) \| Respond to of 34810

How to find posts... We all have asked "Remember when you posted about such and such...I can't find it!" Well now thanks to Dukes sleuthing capabilities...we know how to find them. From: +CatLady #reply-5777833 Thursday, Sep 17 1998 4:14PM ET Question to all - Is there a way to search for a post from a particular person containing certain words? eg. Find posts from CatLady referencing "Cat Litter" ---- From: +Brad Dryer #reply-5778082 Thursday, Sep 17 1998 4:36PM ET I know this is archaic, but if you put your user# in the search box with the word user In your case, searching with user4162337 cat litter will do the trick. I am planning on getting this functionality integrated into the search box very soon, along with one-subject search capability. You can obtain your user# by clicking on your name and grabbing the end of the URL address: Member 4162337 Brad

To: Smooth Drive who wrote (7471)	9/20/1998 5:38:00 PM
From: Brumar89	Respond to of 34810

Magazine covers as a contrary indicator. Just read Eric Stendahl's great post and it prompted me to briefly thumb through Tom Dorsey's Point & Figure Charting book. On page 142, Dorsey notes that magazine covers can be used as contrary indicators. Well on the magazine racks at a Randall's grocery store, I just noted the following covers: Fortune: The Crash of '98 Forbes: Is It Armageddon...or October 1987? Business Week: Misfire: Wall Street Rocket Scientists thought they had a surefire way to beat the market but they were wrong (not as clearly bearish as the others but worth mentioning) and lastly, Esquire: Economic Collapse: What Did You Do During the Crash Daddy? Regards, Bruce