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Bob,
As you know I consider volume one of the best indicators .Besides OBV and
cumulative volume which I know you use, if you have not tried this one on
volume try it . It will neutralize the volume for high volume days and low
volume days so one can compare any day with another.It becomes empirical
.The simple formula : U-D/U+D= %.. You then have cumulative volume on a %
basis . A time frame can now be compared with another time frame even though
one may have occurred during a slow week and the other during a busy
period..
Dom
----- Original Message -----
From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, February 28, 2001 6:04 PM
Subject: [RT] MKT - INDU
> Was updating the charts after the close today and this one stuck out as
> something potentially significant. Its a take off on how AIQ combined NYA
> volume with the DJIA to create the On Balance Volume indicator. Note what
> the OBV is doing, i.e. trending below the lower Bollenger Band. Also note
> its level compared to last summer's high and note how it is below last
> October's low. And note that the DJIA failed at the 200 day MA today.
> Another thing, if you go back in history, the major drops were preceded by
> an erosion in breadth and did not suddenly happen unnoticed by a few. The
> majority were in the buy and hold, can't go much lower mentality which
turns
> to disbelief in a climatic selloff. This situation sort of has that feel.
> In short, that OBV just looks downright ugly.
>
> bobr
>
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