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

To: ViperChick Secret Agent 006.9 who wrote (7919)	9/27/1998 9:31:00 AM
From: chartseer	Read Replies (2) \| Respond to of 34809

Last weekend I realizes that my short position (puts) in IBM was wrong On Monday I reversed my positions from puts to calls.The trading range of IBM moved from 110 -124 to 124 -138. The IBM chart has higher tops and higher bottoms with buy signals being confirmed and reconfirmed but I don t expect a new 52 week high. I am not saying IBM won t make a new 52 week high I am saying I dont expect a new 52 week high. I don t know how much stock is over hanging the market at 140 and higher. I also consider that my DIA chart doesnt look like it is going to make a 52 week high. In fact my DIA chart still looks bearish to me. DIA with higher highs and and higher lows a bullish factor is offset by being below the BRL and with resistance at 84. I also consider Ben A's maximum pain in IBM options at 125.In other words I consider IBM as part of the DIA chart and its moves affect DIA and DIA affects IBM. Therefore i am long IBM and consider the new trading range 124- 138 for now at this very moment. This could change. I currently am considering to purchasing HWP calls tomorrow. This Dow issue just turned positive, but again below the BRL. I ve probally left out some things but mostly there is that little inner voice and gut feelings. The sbove opinions are mine and could very well be wrong. Chartseer