Investor sentiment surveys - a technical indicator Message Board

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Strategies & Market Trends : Investor sentiment surveys - a technical indicator

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To: p. webster who wrote (26)	4/5/1997 2:10:00 PM
From: Sam Citron	of 167

PW, A suckers rally and short covering were certainly what I thought it was on Friday. But when I noticed in John G's list on Friday night that the bullish concensus was down to 27%, I felt that such a low number was extremely bullish and significant (given the rapidity of the decline from 63% bullish just a few weeks ago). I do not know how AAII determines its number, i.e. whether it is based on what people SAY or what they DO. I feel more comfortable with sentiment indicators that measure what they do, as, for example put/call %s as indicators of revealed preference. Also, I would like to know from the Eliott Wave theorists how far such a "suckers rally" can go. Given the strength and breadth of the move Friday from such an oversold position, I would expect to see some decent follow-up support next week. SC

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