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I do believe that the comparison of A/D I made was not reflective of
the open [0[ which has no meaning. But rather to points during the
day when there were fewer Advancers during the day than at the end.
All breadth indicaters I follow are also negative...the question is
that the degree of negativity can change and not necessarily to total
positivity in order to affect a market direction.
John
------------------ Reply Separator --------------------
Originally From: "tradewynne" <tradewynne@xxxxxxxxx>
Subject: [RT] Re: Mon. S&P
Date: 07/22/2002 00:59am
> 2. Advancers at the close actually were better than during the day.
Compared to the open (ie. 0), but the A/D line (NASDAQ and NYSE)
closed at or near its lows. All my A/D systems are still short.
BW
--- In realtraders@xxxx, John Cappello <jvc689@xxxx> wrote:
>
> There is no question that the downtrend is still in place. However,
I
> believe that there is opportunity on the long side at current close
> of 844 for a reasonable short term gain. Reasons:
>
> 1. 60 min bar and daily chart appear oversold.
>
> 2. Advancers at the close actually were better than during the day.
>
> 3. Volume at the close to get to low levels were low.
>
> I am a buyer in Globex if a still decent price can be obtained.
>
> I also agree with Earl re. PEG. But I do not remember the last time
I
> saw GE [a Dow component which constitutes 3% of the S&P] at a PEG
of
> 1.2. That is close enough to parity for me. If I had the time I
would
> look at the PEG of other Dow components that are in the S&P.
>
> John
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