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Attached is weekly chart of S&P with the NYSE advance decline and OB/OS
indicators (10 period average of New Highs - New Lows) using weekly NYSE
breadth statistics published by Barron's. Note that the a/d turned down even
as the market moved to new highs. Even more bearish is the series of lower
pivot highs in the OB/OS with this indicator turning down sharply as the
market moved to new highs. To get a buy signal, the OB/OS indicator must
take out its January high pivot or take out such lower pivot as may be
engendered by further declines. The OB/OS study should not be used to short
the market but rather to move between equities and cash.
Earl
Attachment Converted: "c:\eudora\attach\NYSEBRTH1.gif"
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