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The Bullish Percent Tide is Starting to Move Out

June 28, 2007 by Thomas Mullooly

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The primary indicator that I follow, the New York Stock Exchange Bullish Percent chart is within 1% of a move from a column of X’s to a column of O’s. This kind of shift indicates a move from offense to defense.

Moving to defense does NOT mean that the market will start moving down. In fact, getting a signal like this is practically a confirmation that the market IS moving down! This is because technically, the indicator has to move down by 6% to move from a column of X’s to a column of O’s anyway.

So now we have our short-term indicators — and our longer term indicators — both telling us to play defense. Again, this does not mean that the market will crash immediately! My first action when we move to defense is to stop buying. You will likely have better opportunities to buy (whatever you’re watching), at lower prices in the coming weeks and months.

If there are any positions you hold (in your investment account or 401k account), you’re concerned about, now is the time to talk.

Tom

Thomas Mullooly
Mullooly Asset Management LLC
Our Only Business Is Fee-Only Investment Advice
www.mullooly.net
support@mullooly.net

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Filed Under: Asset Management, Point and Figure Tagged With: buy signals, sell signal

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

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