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I've been looking at the NYSE Advancing, Declining, and Unchanged
Issues data and noticed something peculiar. There is a sharp decline
in the "Unchanged" data immediately after 6/20/97. Before then, the
20-day MA hovered between 700 and 800 going back several years. But
after 6/20/97 it appears to fall off of a cliff and eventually
stabilizes between 450 and 550. The chart looks just like a chart
that hasn't been adjusted for a stock split. The Unchanged volume
data shows a similar (percentage-wise) decline.
(FWIW, I don't notice similar changes in the Advancing Issues or
Declining Issues charts during the same timeframe.)
Two questions:
1.) Does anyone else see this same pattern, or is it a data problem?
I'm using Reuter's Trend Datalink. Does data from a different
provider show the same decrease?
2.) Assuming the data is accurate, what could explain this? Did the
NYSE kick out a bunch of low volume stocks after 6/20/97?
Thanks in advance,
Chip
http://coolhistory.com/ChipsCharts
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