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

To: chartseer who wrote (11460)	12/14/1998 5:52:00 PM
From: Bwe	Read Replies (1) \| Respond to of 34810

LU p&f chart update: $92 would be a danger point on LU's p&f chart. At $92, LU would move into a High Pole (HP) pattern, which, if reached, would greatly increase the odds of a test of support at $88. A short term trader using p&f would sell on the HP. A long term investor would hold off "bottom fishing" purchases until the correction runs it's course. The market backdrop is an important consideration and was bearish in July when LU last had a High Pole Top at $94 (the difference here is the pattern occurred at all time highs which makes for a nastier potential decline). That HPT lead to a sell at $91 and to an eventual drop to $54 (gulp!). With the current market environment, a HP, if it were to occur, would likely test trendlines as previously mentioned, along with a Bearish Support Line at $81 and then at $77. An IUTL (Intermdeiate Uptrend Line) is at $76. When the market is in a bearish mode, of which only the short term p&f indicators currently are (as well as sentiment), trendlines and the potential support they offer are highly unreliable. There's no trendline support until $88 and then $86. LU did much worse than the market (as measured by the Dow which is the benchmark used for p&f RS calculations) today. In the last 10 trading days, LU has outperformed the market 6 times, and 14 of the last 25. 50 day MA: $82.24 150 day MA: $81.27 200 day MA: $77.36 Good luck to all. Bruce

To: chartseer who wrote (11460)	12/14/1998 6:18:00 PM
From: james ball	Read Replies (3) \| Respond to of 34810

Chartseer market looks ahead 18 months. The decline from April to Sep was probably in anticipation of the impeachment. When Kennedy died the market declined for one day and then it was off to the races. If the market is to go to defense here which all short term indicators have already and the NYSE is close at hand, then it probably will be something off in the future we have not considered yet that the Bullish PErcent has. Remember in 1990 October, Greenspan came out and told the public that we were in a recession. Right at the exact bottom of the market. THe Bullish PErcent figured that out in Oct. 1989 with the defensive move when reversing from above 70% to below. Tom

To: chartseer who wrote (11460)	12/15/1998 6:32:00 AM
From: Bwe	Read Replies (1) \| Respond to of 34810

EMC had a second consecutive High pole Top formation, this time at $80. Good odds of a short term sell signal at $74. Trendline support at $76, $73, and then at $70. The long term support and the stock's primary uptrend trendline, the Bullish Support Line is at $53. EMC's main trend is bullish, however, I would hold off "bottom fishing" purchases at this level (if you can bottom fish on a stock that is trading near it's all time high). The two HPT's suggest EMC has more to go on the downside before this correction has run it's course. Important Moving Averages (give or take a few pennies): 50 day MA: $65.43 150 day MA: $55 Your pal, Bruce