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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: John Pitera who wrote (3196)12/15/1999 10:44:00 PM
From: Brian Malloy  Read Replies (1) of 9427
 
FWIW,

I think the A-D line may be indicating something with a more simple explaination. It was never meant to measure this, but the effects of changes in our economy can impact this primitive metric. I'll give the short version.

1. As the mix in the economy rebalances from an industrial resource based one to a more information based economy then we should expect to see these types of trends.

2. While the market guru's may not understand it, our capitalistic based system seeks to maximize profit. Some might even add a penalty function to the objective to make it even more costly to go back to the old order.

3. Bottom line...the growth, the profits, the greatest opportunities exist in those sectors that investors are favoring. It is not some wild bubble. It is the "invisible hand" of the market driving us in the direction of the optimal solution.

IMHO
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