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Earl,
Paul Desmond's current thesis is not based on the small or large cap
argument but that the NYSE has been proliferated with non-operating
companies. CEFs and the like. Lowry's has developed their own index based on
just the operating companies of the NYSE and this appears to be more
effective in measuring the "true
Breadth" of the market. Of course only time will tell. There are plenty of
other in your camp regarding decimalization like Alan Newman (H.D. Brous &
Co.) who have voiced their concern over the effectiveness of the AD line.
At this point I am leaning towards the camp that says that a true operating
companies AD line still has merit and can be an effective tool. Enclosed is
a sample of the NYSE Operating Co. Breadth chart.
Best Regards,
Duke
"The Secret to the Market is Rotation, Rotation, Rotation." The Frost Sector
Rotation Fund is part of the Frost Bank family of Funds. (CFR-NYSE)
-----Original Message-----
From: Earl Adamy [mailto:eadamy@xxxxxxxxxx]
Sent: Monday, June 03, 2002 9:24 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] Lowry Intensity indicator - MTA Award
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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