I keep advance decline for all the indexes, I only showed the NASDAQ one because I have a signal on it and not on the others... yet.
Your system sounds fascinating and like a better deal since you are filtering out the pennies etc. I don't think my data provider though can break the raw data out like that and I don't have the time to build a filter of my own.
Unfortunatly I go back to work Monday after a month off and I still haven't learned my software code completely yet nor come close to getting my chart program done.
I really feel the potential for upside based on various flags is real but the FA side of me says it would be foolish to run up here. There seems to be recurring news from the companies that are warning. Main-frame sales are down, IT budgets were slashed, and borrowing costs are up. We know that IPO acceptance is not as manic and debt loads are getting HUGE and more shaky. European tech is not growing as fast as expected and inflation is rearing it's head there which could force rate increases that if not matched here could impact the dollar. Valuations have come down a bit but only to less manic levels than the peak and no where near historic norms.
It is now coming down to a battle of historic and FA based reality or the street's need to show J6P that markets always go up and that everything is fine, there is no need to panic because nothing can go wrong hic' nothing can go wrong hic' nothing can go wrong hic' nothing can go wrong hic' <ggg>
I was actually bullish a few weeks ago but now am undecided. I see massive amounts of complacency and am still disturbed by the lack of leadership displayed although I also feel that the lack of the leaders to run is also a good sign. In that I mean that the leaders usually lead upwards yet they are still very over priced. From a FA point of view, they shouldn't run but from the mania of the past, if they don't run, it generally means that the rest of the market doesn't rally too hard.
Of course the other side of the coin is that steep corrections usually result in new leadership and maybe we are just missing that part of the equation as the rotation diverted our attention. Maybe the Biotechs, SDLIs, GLWs etc are the new leaders and the Internets, SUNWs, CSCOs and EMCs are a past thing.
Dennis, she has been in Biotech for the last 6 months or longer. She was pounding the table in the beginning, screaming all the way down and then jumping for joy all the way back up.
Good Luck,
Lee |
