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As of Friday 8/15/97 all of the indicators are still in sell mode. However
a short term buy signal might be around the corner. The Yield oscillator
has turned favorable, but the low risk buy signal will not occur until the
price oscillator turns up. The VIX related indicators are also on a BUY
ALERT now that they have been stretched to statistical levels where decent
buy signals have been generated before. The Modified Volatility Index is
within days of generating a buy signal if it can close above its -2 std dev
line for a few days and begin an upward trend. The McClellan issue and
volume oscillators are approaching April's low levels but have not turned
up yet. Earlier monthly charts showed that August and September were
months of consolidation and correction suggesting that this downtrend might
be prolonged. The new downward sloping regression channel on the McOsc
chart needs to be broken to the upside otherwise any new buy signals will
be short lived. The new mode might just be to sell the rallies rather than
buy the dips. McOsc chart to follow.
BobR
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