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a pretty reliable market indicator, as used by jerry favors, that uses
daily trin numbers (arms index) :
just add the last 5 days of trin and plot them on a scale between 3.5 &
7.5
5 day total trin =< 4 is in sell teritory and
5 day total trin => 6 is in a buy teritory
e.g. on 10/10/97 was 3.95 & on 10/13/97 it rose to 4.15 (changing
direction) and therefore indicated a sell.
on 8/29/97 5 day trin was 6.98 and (changing direction) on 9/2/97 6.49
generating a buy signal.
for other examples go to:http://www.marketweb.com/commentary
(click on jerry favors)
mike
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