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

To: Judy who wrote (8395)	10/8/1998 6:16:00 AM
From: Bwe	Respond to of 34811

Good morning, Judy. Your reference to investor sentiment reminded me that I neglected to post this weeks Investors Intelligence survey of investment advisors reading. Bulls: 38.5% (37.6% last week) Bears: 42.7% (44.4%) This is from the same issue as expressed by Michael Burke: "...Bear Markets, and we are in one, don't end before the Bears get to 55% or so." With regard to EMC, the stock broke through it's Bullish Support Line (BSL) at $52 and that pointed the way for future weakness. EMC now has an important test at hand of the late August lows at $44. It would be a show of strength if the stock could hold these levels. If it's unable to hold here, the next stop will likely be the May/June low of $41. After that, the March/April time frame provides the next support area at $35 -$36. There's also trendline support by way of the Bearish Support Line at $41. The 200 day MA is at $42.60. The weak market cut the legs out from under the Bullish Shakeout Reversal pattern the stock moved into. Best to you. Bruce