MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: Terry Whitman who wrote (16087)	6/7/1999 2:25:00 PM
From: Chip McVickar	Read Replies (2) of 99985

Terry, Thank You for the OBV post... I added a MACD and volume to the chart and it brings out a serious problem with Granvilles OBV. iqc.com You can't buy confidently off that indicator. It is primarily (I believe) a measure of public sentiment. We all know Gold carries a lot of squishy feelings. If I'd thought Homestake was a good buy at 14...well off it's historical highs of $25 and used OBV I'd be very unhappy. BTW Gold may get below $200 if the present climate continues and Homestake to $4.00 Lets change the chart to GE.... iqc.com Says something completly different... That divergence in the sideways market of Jan - March is very interesting as shown by the decline in OBV and MACD and the continued even volume. Also the very light volume in late December.....the divergent rise in GE price. OBV and the subsequent sideways market is a very interesting set-up signal. I've been looking at OBV with some interest in short-term trading where I believe it maybe useful both for day trading futures and position trading for a few weeks. However, I need to give my studies more time. Chip

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