|
PureBytes Links
Trading Reference Links
|
Hello PGREC,
Of course no one knows. But there are at least two guys who recently
suggested that Advance Decline line and TRIN are giving spurious
readings (Larry McMillan in TASC last month, Alan Newman at
www.hdbrous.com). Both point out that the NYSE is composed of an
inordinate number of interest rate sensitive issues including closed
end bond funds. This makes AD reflect interest rate forces more than
in hte past. In addition, decimalization has possible made it easier
for an issue to move up or down.
I recall also that AD was calling for the bull to end about two years
before it did so.
Personally, I find it quite useful for short time frames (15 min - 3-
days) but don't trust it at all longer term.
The other question related to your is who do you believe regarding
market valuation. If you believe the traditionalists, major index
PE's are above 40 for earnings "as reported" whereas others say the
interest rate adjusted earings are great, historically high and
suggest another bull run.
Or--are we seeing a massive flow of money from large caps and techs
into small and medium size, undervalued issues? that too would make
all the traditional measures go haywire.
--
Best regards,
Jim Johnson mailto:jejohn@xxxxxxxxxxxxxxxx
Saturday, May 04, 2002, 2:29:28 PM, you wrote:
Pac> why is everone calling thios a bear market? the advance/decline line is at
Pac> new highs and new highs are of bull market character well over 200.
Pac> Pete Greco
Pac> To unsubscribe from this group, send an email to:
Pac> realtraders-unsubscribe@xxxxxxxxxxxxxxx
Pac> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
------------------------ Yahoo! Groups Sponsor ---------------------~-->
Buy Stock for $4
and no minimums.
FREE Money 2002.
http://us.click.yahoo.com/orkH0C/n97DAA/Ey.GAA/zMEolB/TM
---------------------------------------------------------------------~->
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
|