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Pete-
If you looked at your indicator in Wyckoff terms of
'effort versus results'; the
'bad volume becomes good volume'.
Tks for sharing your work.
Chas
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On Tue, 29 Jan 2008 00:50:11 -0500
Pete Lieber <plieber@xxxxxxxxxxxxxx> wrote:
>
> Today I examined the NASDAQ-100 Equal Weight Index
>(NDXE) and added up the cumulative volume of all 100
>component stocks. The results look promising (see
>attached chart). Instead of weighting each stock's
>volume according to its market cap, I weighted each
>stock's volume indicator by its price. I reset each
>stock's weight to 1% on the 3rd Friday in Mar, Jun, Sept,
>& Dec as the NDXE is reset also. As with my other volume
>indicators I don't use each stock's daily volume directly
>instead I use each stock's daily volume divided by its
>30-day average volume. That helps eliminate the
>influence of the heavily traded stocks (i.e. large caps).
>The attached volume index with several exceptions has a
>good track record in calling market turns. If the
>indicator is to be believed it shows that selling volume
>dried up from Jan 8 to the market bottom on Jan 22. As
>it stands the indicator looks quite bullish. The one fly
>in the ointment is that volume was down today in most of
>the major indexes. That usually is not a good sign and
>that is reflected in today's volume indicator. To me it
>looks like the market is treading water awaiting the
>Fed's decision. Pete
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