Steve's Channelling Thread Message Board

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Strategies & Market Trends : Steve's Channelling Thread

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To: anandnvi who wrote (4627)	8/24/2000 5:43:48 PM
From: Zeev Hed	Read Replies (1) of 30051

Anand, the volume on both the naz and the NYSE at 1.5 B and .85 B is less than stellar. The new high new low ratio on the NYSE is actually deteriorating, and the A/D was not particularly strong on both. Tic never got inspiring and on the NYSE the TRIN actually went above 1.00. Couple this to the fact that we are now overbought because of the length (in time or sessions) of the advance, indicates to me that we should dissipate the "overbought" condition. The put call ratio on equity is low, while on idices (professionals) it is inverted. All these together point to at least a short distribution phase ahead of us., maybe just until the end of next week and resumption of the rally starting late next week. Nothin too big in the cards right now, just a small shake out.

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