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I have very different readings for the Dow/NYSE and the Nasdaq TRIN's. I have a descending triangle for the TRIN for the NYSE TRIN where it is at resistance at neutral and a perpetually overbought (2-4 weeks) TRIN at .65 to .75 for the Nasdaq. I generally am getting mostly sell reversal signals but the stocks pull back and then quickly move back into overbought again because of the momentum. I would expect he most appealing index is the Retail (RLX) which is in a consolidation pattern (cup-with-handle) at the previous highs. GPS, ANF, ANN, BKE, PLCE, BEBE, WMT, DH, KSS, COST, BJ, CPWM, etc. Utility (UTY) also is in a consolidation and gave a stochastic buy crossover. Most of the phone utilities are starting to move out of consolidation patterns: SBC, AT, AIT, TDS, etc.. DUK and D gave stochastic buy crossovers. |
