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FWIW,
At the risk of joining Lee in the contrary indicator camp, this .gif of the
spx and spx breadth are voting for higher prices. Note the Expert rating
of 95 up on the SPX breadth chart. They are not always right and Lee
prefers the DJIA for market timing. Perhaps he is right, but I have found
that when one of these 95 up ratings appears on the spx breadth it should
be given some attention. What really bothers me about it now is its
presence when there is a valid paranoia about down Thursdays, government
reports dead ahead, Iraq problems, beginning of month seasonality running
out, etc. Virtually everything in my repetoir is against this 95 up
rating.
BobR
http://www.oextrader.com/momentum/momentum.htm
Attachment Converted: "c:\eudora\attach\s&p1105.gif"
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