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Chip Anderson wrote:
>
> 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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Perhaps two reasons. Isn't July 1st or there abouts when we switched over to
1/16th's, 1/32nd's and such for the NYSE. Much harder to remain "unchanged" if
1/256th point makes a difference. [Why dont we go to decimal and get it over
with?]
Second reason is volatility. Much more volatility since mid summer.
Not sure the real reason, just guessing.
----
Dave
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