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post script:
Thursday marks a 4 day run of the OEX$C/$P ratio near 0.5 for a two day buy
alert setup. Thursday it was 0.62. Mon 0.57, Tues 0.57, Wed 0.55. It has
not reached 0.5 or lower yet, meaning the setup is not officially in place.
Even if it were, and price did not respond with a buy move after two days,
then it is telling you the sentiment is real and will work itself outwith a
down move. This happens sometimes usually at the end of the quarter or
pending event where these low $C/$P ratios occur ahead of a big sustained
dumping of stock. One analyst, Chris Chadbury has issued a two week sell
signal with this forecast: SP........down 1.9% or less at May 30
close....and SP........down 2.5% or less at Jun 6 close.
bobr
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