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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: Stoctrash who wrote (436)	4/20/1999 11:09:00 AM
From: chartseer	Respond to of 2103

Hi Fred! The Bullish Percent is used in conjunction with Point and Figure charts. The draw back of PnF charting is the charts are most bullish at the top and most bearish at the bottom. As a rule when the Bullish percent gets above 70% it usually means the sector is either over bought or near being over bought. A good time to take profits despite the bullish PnF chart. On the other hand when the Bullish Percent of a sector gets below 30% it usually means a sector is over sold or near being over sold. A good time to start bottom fishing. If you check Eric's charts post here a few postings back you will see that QQQ Bullish Percent hit 70% and sold off. Was 40% as of yesterday's close. Not a good time to be long QQQ. My figures only go back to March 12th on this index since that was when this index started. Over on dorseywright.com they follow Bullish Percentage charts on most sections and their main indicator is the New York Stock Exchange Bullish Percent indicator which over the years has been their number one indicator for the market. It is currently around 43% on a Bear Confirmed reading. But Eric is much more articulate in these Bullish Percent matters than I. As I told Eric a few days ago if I were smart I would have shorted the QQQ @ 106. I will post these QQQBP figures nightly(after 11:00PM) and you can judge for your self. Hopefully Eric will post his updated charts frequently for all to see. chartseer