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Peter and RT's,
I've enclosed a gif of this cumulative A/D of issues and cumulative A/D
volume for the NYSE.
The top graph is a line graph of half hour closes of the OEX
The middle graph is a line graph of the cumulative Advance/Decline.
The lower is a line graph of the cumlulative volume,, ie AdvancingVolume
minus Declining volume.
What I was trying to say was refering the top on 7/31 note the decline
of about a day and how
price waffled upwards, the internals, were in my opinion, adding
perspective that the market would
continue up. In fact one could argue that the internals were ahead of
the price, preceeding it
the close of the day before price broke to new ground.
I was trying to express that the internals of 3000 or so stocks en mass,
could possibly be saying something different than one stock representing
5% of the market cap.
I did say if the internals rounded over it would be a sell and they
did..
The current situation seems a little more tenuous as alot of people have
noticed..
Notice that there is a 'huge base' from 7/24- 7/29 on the lower graph of
cumulative vol.
I am going to be mighty curious to see if this holds... This might be a
kind of invisable support
for the market.
I have to say mighty curious since I have only been collecting this
statistic in this particular format
since about the middle of May. I have yet to see how these internals
behave at an intermediate top and bottom.
I don't think its wrong to obsess over GE. There are alot of people who
think GE is incredible.
One broker told me, "Well, Don you can't go wrong with GE, it keeps
making .01 or .02 or .xx cents a day for you." This was years ago.. I
wouldn't call it an index. But a kind of magnet for money attracted to
what GE represents. When that paradigm is proved to be bogus watch out.
Maybe if Norman Winski keeps astro calculations on GE's personality, we
might get some light as to whether
or not GE is heading down or just sulking for a while.
Respectfully,
Don
Attachment Converted: "c:\eudora\attach\QUMVOL.gif"
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