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Harley Meyer wrote:
> Although the Dow has had a great come back and my mutual
> funds are begining to
> respond to the Dow & the Nasdaq. I am a bit skeptical at
> this point.
>
> Volume was light yesterday and from 1:35 pm Eastern time
> until the close the
> Dow moved up nearly 80 points.
>
> Now the Up/Down Vol ratio was good and has been good over
> the last two days:
> 3.3 and 3.6. So more buyers than sellers. But today it is
> low again. So whats
> my point.
>
> The point is that I think I have come across a very nice
> way to be able see the
> direction of the market. And if it works for you then I
> want to make sure you
> understand what I am looking at
>
> I will send you some charts to show you what I mean. I had
> sent charts earlier
> but they never went through o I will try again.
>
> Harley Meyer
> meyer093@xxxxxxxxxx
I agree. My OBTR indicator has Sell on all the indicators I
follow except for the NASD and some high tech indices
including Software, Computers & Semiconductors. Others on
the Buy side are Gold (XAU Index, not Gold futures which
usually lag the index) and Gambling which just turned
positive.
In the futures the Dollar Index is very close to giving a
Sell. Yen has given a Buy and the Swiss and Dmark could
give a Buy if they rally much from this point. But they
still remain on the Sell side as of now. The MACD has given
a Buy signal on both the Swiss and the Mark
Silver gave a Buy on 8/13 on the OBTR but the MACD gave a
Buy earlier on 7/25 at which time I bought not waiting for
the OBTR.
I think the Yen looks particularly attractive. The current
value of the Yen has put so much pressure on Detroit that
Chrysler announced a drop in price on their 1998 models.
I'm accumulating Yen contracts now.
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