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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Bid Buster who wrote (100414)5/7/2001 9:55:52 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
as i've mentioned before, a break-out in the a/d line to a new recovery high without confirmation by price is bearish, not bullish. it has already misled analysts in December, and it seems to be about to do it all over again. must add though that at the recent low, the a/d line produced a bullish divergence, by making a higher low. however, more common are bullish divergences whereby a higher price low is accompanied by a lower a/d low.
while on the subject of divergences, the various indices themselves have developed a few minor bearish divergences when the recent recovery highs were reached. they're not yet conclusive though, as one or two strong and broad based up days would erase them.
but sentiment sure is reflecting a lot of complacency, not quite yet on par with the extremes we've seen at times in '00, but getting there.
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