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I completely agree,,
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, August 26, 2001 6:30 PM
Subject: Re: [RT] sp500
> The McClellan Oscillator appears to have become near useless as a market
> timing tool (ala Time Trend III) because it is whipsawing back and forth
so
> frequently ... this may in large part be due to decimalization which has
> apparently caused unchanged issues/volume to decline and advancing
> issues/volume to increase. I would also note that VIX after a modest rise,
> declined to 22 and change on Friday ... not the levels from which major
> rallies are launched. There are many times, while trading S&P futures,
that
> I have the distinct impression that the locals are fully in charge. In my
> view, Friday's rally was impressive but suspect. Consider that CSCO, the
> alleged instigator of the rally, is selling at an astronomical PE ... a
> clear indication that the tech bulls have not thrown in the towel. I don't
> know if it will be next week, next month, or next year, but I firmly
believe
> this market is going a lot lower.
>
> In the meantime, I just try to pick off some of each day's swing and my
> trading bias remains down until a base is in. However, I am attaching a
> chart of the spoo, which makes a credible case that 5 waves down have been
> completed. If this is the case we should expect an ABC rally which
retraces
> to the general vicinity of the W.4 high around 1234. This seems to jive
with
> the weekly counts which suggest that the larger W.5 is not complete.
>
> Earl
>
> ----- Original Message -----
> From: "profitok" <profitok@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Cc: "Vincent DONOVAN" <vdonovan@xxxxxxxxxxxxx>
> Sent: Sunday, August 26, 2001 12:05 PM
> Subject: [RT] sp500
>
>
> > Hello
> > the sp500 is somewhat stronger then the NASDAQ(Mcllullen osc at a
better
> reading) I still see a decrease for next week
> > a lake of participation (low holiday week)
> > the 5 day total trin the 5 day Ave trin and the 10 day Ave trin are at a
> 15 day low
> > add to that a decreasing p/c and
> > the icing on the cake an increase in price without an increase in new hi
> > be careful
> > Ben
> >
>
>
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>
>
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>
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