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I highly recommend that people take a look at Larry's work. Just to give one
example, traditional breadth data only exists on a stock exchange basis -
NYSE and NASDAQ. Neither match well to tradable indexes. If you use NYSE
breadth data to trade the S&P 500 or S&P 500 stocks, not only do the prices
not match (compare a longer term history of the NYSE Comp and the S&P500),
the NYSE data includes all kinds of securities that are not common equities,
(e.g. preferred) which distorts the breadth data. What Larry's work does is
to isolate the breadth information for the exact components of the index or
ETF under consideration, eliminating mismatches. Similarly, trading the
Nasdaq 100 or QQQQ on the basis of NASDAQ Composite breadth data is also a
mismatch - Larry's data solves the problem.
What I particularly like about this work is that it is not per se
interpretative - it is providing us with new, more accurate data from which
to make our own interpretations.
I have no connection with Larry, but I have great admiration for what he's
doing. If you use breadth data at all, take a look at his site.
Andrew
-----Original Message-----
From: equismetastock@xxxxxxxxxxxxxxx [mailto:equismetastock@xxxxxxxxxxxxxxx]
On Behalf Of Larry Carhartt
Sent: Wednesday, October 05, 2005 1:36 AM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: RE: [EquisMetaStock Group] Trading the SPX or SPY
I will spare the forum my enthusiasm for composite / breadth data analysis,
but both the SPX and SPY (same beast, sort of) are composites. In my
opinion, if you are not, at least, including composite / breadth analysis
when looking at indexes and ETFs, you are trading with one arm tied behind
your back. Possible maybe, but often very uncomfortable.
Take a look at these MetaStock charts and decide for yourself:
http://www.masterdata4metastock.com/Example_Chart1.htm
Best,
Larry Carhartt
MasterDATA Composite Plug-in For MetaStock The Only Source for Index & ETF
Composite/Breadth Historical MetaStock Data www.MasterDATA4MetaStock.com
lc@xxxxxxxxxxxxxx
818-701-6686
-----Original Message-----
From: equismetastock@xxxxxxxxxxxxxxx [mailto:equismetastock@xxxxxxxxxxxxxxx]
On Behalf Of metastkuser
Sent: Tuesday, October 04, 2005 9:02 PM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: [EquisMetaStock Group] Trading the SPX or SPY
Roy's newsletter gave one very good approach to trading SPY.
Metastock 9.0 came with a built-in template for assessing market conditions.
Does anyone here actively trade SPX/SPY? Can anyone suggest any other
systems worth looking at?
Thanks!
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