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

To: Jorj X Mckie who wrote (8088)	9/30/1998 7:52:00 PM
From: Ms. X	Read Replies (1) \| Respond to of 34809

Indicator and market updates. Status Current Week Ago ------ ------- -------- Dow Jones Industrials Buy 7842.62 8154.41 Nasdaq Composite Buy 1693.80 1760.27 NYSE B.P -- Bull Alert X's 30.1 % 25.0 % Option B.P. -- Bull Alert X's 36.8 % 30.5 % Stocks Above Their 10 Wk M.A. X's 37.7 % 27.8 % Stocks Above Their 30 Wk M.A. X's 20.8 % 18.1 % High - Low Index X's 20.4 % 11.6 % Buy vs Sells: 8 new buys 58 new sells. The NYSE BP was up strongly on the week, over 5%. This is a strong move and isn't "usual". It would be ok if it came in neutral or slightly down next week. The DJIA will probably bounce around like it has been, breaking some bottoms here and some tops there. Looking like a decent base is being built. Today it broke a double bottom with the next support at 7750. Varying support all the way down to 7450. More football analogy from DWA. I love this stuff. We had a client the other day call and mention that his client was reluctant to step into the market right now as he was afraid the Bullish Percent would reverse down. This thinking is like Bill Cowher of the Pittsburg Steelers taking possession of the football in a Sunday game and because he was afraid the opposing Defensive team looked too strong he took the ball to the sidelines and allowed the clock to run out on his four downs. What is the likelihood of that happening? Bill Cowher is going to run the best plays he can while he has the ball. His objective will be to score if possible against the opposing team. If he does lose the ball he will simply place the defensive team back on the field and do everything he can to keep the other team from scoring against him. While he has the ball he might forge ahead 20 yards and then be thrown back for 15. Then make 5 and lose 3, then make 15 and lose 20. If you asked Bill Cower how long he thought he would be in possession of the ball he would likely respond "until I lose it." There is no point trying to predict what will happen. No one can do that. Just like Bill Cowher can't predict how things will turn out when he gets the ball. One thing you can bet your life on is when he gets the ball he will do everything in his power to make some headway. He is also not going to whine if he loses the ball. He'll just play defense until he gets the ball back again. Why do you think 80% of all money managers and all mutual funds never outperform the S&P 500? Because the market is a formidable opponent and if you don't have a logical organized play book to operate from, you'll have a tough time winning. DWA dorseywright.com