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In a message dated 2/23/00 6:45:57 PM Pacific Standard Time,
eadamy@xxxxxxxxxx writes:
<< My primary NYSE model, which was already in sell mode, is now signaling
a larger and longer correction and this is confirmed by the hi/lo and
a/d volume models. NASDAQ is in sell mode and I am suspicious of today's
rally >>
JMP Reply: Agreed the risk here is for a move downside in both NASDAQ
as well as NYSE. When will a break lower occur? Perhaps soon.
Disappointingly for the bulls,...yesterday's final Equity Put/Call ratio
was a very low 0.37,...as was also the Index Put/Call ratio at 0.825,...
Frimly in "market topping" territory. One method I regard highly is
looking for NASDAQ to top in this timeframe (02-23). So I am open
minded to an end of this advance,...with yesterday's very slight new
high in NASDAQ Comp perhaps setting up a Double Top pattern.
Having noted yesterday's low Put/Call ratio,...in fairness have to view
the Consensus Weekly Survey % Bulls on Stocks AT 27%, as being
very constructive from a contrary perspective,...the 27% reading is
the lowest since late-Oct, 1999.
Static cycle analysis points to the 02-29 to 30 dates as next pivot
for overall market. 02-30 is a 13 mkt day count from pivot on 02-10,
..was 13 mkt days from 01-24,...as 13 mkt days from 01-04,..etc.
Also 02-30 is Sun/Mercury conjunction,...perhaps important from
astro methodology (I do not know,..but previous RT posts have
mentioned importance of Sun/Mercury conjunction dates,..etc).
So I am respectful of downside risk at this time, mostly focused on
overseas follow through using mutual funds when gains indicated as
likely.
Regards, Jim
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