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The contrary in me wants to take the opposite side of this view in the short
run. The Trin5 as popularized by a former cnbc guru is still worth
following as an extreme condition indicator. Trin5 is a simple summation of
the daily closing TRIN. That is the yellow line at the top of the attached
CODIoex chart. Trading lows occur when the Trin5 turns down from a level
above 6 and trading highs occur when it turns up from a level near 4. Then
if we shift down one subgraph we see prices are at a channel low, although
it is a downward sloping channel, we could see a move to the center of the
channel. The next subgraph down shows a turn up in a custom 5 day weighted
price momentum indicator. The very bottom indicator shows a bullish
divergence in an end of day Chande Market Thrust indicator. That is
composed of (ADV*UDV-DECL*DVOL)/(ADV*UVOL+DECL*DVOL). The CODInaz chart
shows a similar view with the addition of the CBOE normalized
Calls/(Calls+Puts) ratio entering the buy zone below the green line. Thus,
it looks from this corner that the odds for an upside move have increased
recently. Price channels would be in a better configurartion if it were in
more of a bottoming stage or sloping upward and price had just pulled back
to the lower side, so for now its a midchannel bounce in sight.
bobr
----- Original Message -----
From: "rjv" <rjv@xxxxxxxxxx>
To: "RealTraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, April 09, 2002 8:45 PM
Subject: [RT] Another Market View
> There's been some talk on RTs that they'll be a pop higher in the
> market. That may be true, but I think the bias is down; and there are
> several reason I have for this. Since my market opinion is based on
> subjective interpretations of charts, I'll keep these views to myself
> for now. However, as I browsed the Yahoo chat boards tonight I came
> across an interesting site of which I have no knowledge of the creator,
> but the conclusions make clear sense to me. The page is called the
> Ricchio Report. Judging by the counter at the bottom of the page, it
> doesn't get much traffic. If anyone is interested, they can navigate to
> it via the following link.
>
> http://www.ricchioreport.com/
>
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