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Thanks for the link to this year's MTA award.
In my book, the major controversy in use of breadth has nothing to do with
number of small versus large stocks ... the very concept of measuring
breadth is to see if the tide is lifting/lowering all boats or just a few.
The real issue is decimalization which has radically changed the meaning of
an advance/decline from 12.5 cents minimum to 1 cent minimum. Given the long
term upward bias of advances, decimalization has obfuscated the value of
this indicator. For this reason, daily breadth has lost value, however
weekly breadth remains useful.
Earl
----- Original Message -----
From: "M. Simms" <prosys@xxxxxxxxxxxxxxxx>
To: "RealtradersList" <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, May 29, 2002 7:32 AM
Subject: [RT] Lowry Intensity indicator - MTA Award
> Paul Desmond of the Lowry Reports fame won the recent MTA 2002
award.......
> and below is a related article with a consensus "expert TA" market
opinion.
>
> http://biz.yahoo.com/rc/020523/markets_stocks_technicals_1.html
>
> Attached is Paul's winning entry.....
>
> comment: since his indicator uses breadth, there is some controversy as to
> it's validity in recent years.....
> due to the larger number of small cap issues in the NYSE.
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