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There is evidence that a number of indicators no longer seem to work and
migration from the NYSE to the NASDAQ could be the reason. The 5 day and 10
day TRIN used to be good indications of overbought and oversold. The major
low of 10-18-99 had the 5 day TRIN giving an overbought not an oversold
reading as would be expected. It stayed at the overbought level all the way
up through December. No help on that indicator.
We all know how bad the breadth and new highs/new lows were in 1999 on the
NYSE but over on the NASDAQ new highs have been greater than the new lows in
the last few months. Maybe the migration has occurred and we need to somehow
combine figures from the two exchanges to get a better idea of overbought and
oversold.
Howard Bernstein
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