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Politics : High Tolerance Plasticity
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To: energyplay who wrote (5344)6/19/2001 3:22:52 PM
From: Warpfactor  Read Replies (1) of 23153
 
Todays market action looks bearish on the surface, looking at the way the gains cannot be held by the major indices.
But, oversold conditions are approaching extremes. The ARMS Index is already at 1.44. The ARMS index is a moving average of 10 days. The 10th number is a 0.76. This will be replaced by today's TRIN, currently running a 1.23. The ARMS Index will close today within an eyelash of 1.50, if the 1.23 holds. The 1.5 represents the barrier which historically has always announced a major bull reversal. On its own, 1.44 represents a severly oversold market.

Additionally, the McLellan Oscillator for the NASDAQ is at -212, deeply oversold. The NYSE McLellan stands at -131, also very oversold. Though not to the extent of the NASDAQ.

If I were to make a prediction, I say a major league blowoff is imminent in the next day or two (maybe tomorrow open), followed by a same-day reversal. Watch for TRIN over 3 to mark a buy point.

edit: TRIN now at 1.38

Warp
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