I started on a class called TouchPull and I wanted a graphical example of it so put one together yesterday. This class gives you access to pull direction, distance and a make-shift velocity. All the files to make this example work on your own multitouch (AIR friendly) device are attached (other than provision + dev cert). Make note that TouchEvents do not work with the mouse. So you won't be able to test this on your machine unless you have a TouchEvent friendly device attached.
To compile the example you will need the following:
Also note, You'll find a public static const inside of PullTouchExample.as:
I modified this example to only work on your computer with a mouse meaning a multitouch device will only allow you to use one finger. This example will easily convert to listening for touches, but then a mouse will no longer work. The code for TouchEvents is still in the project, it's just commented out.