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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (8170)7/18/2001 7:03:00 PM
From: J.T.  Read Replies (1) of 19219
 
Rydex Sentiment analysis getting more popular everyday..

Even Elliott Wave STU Hochberg has been watching MITA after mentioning rydex in 2 of his last 3 or 4 updates lol..

I'm sure Steve won't mind a sentiment clip from todays update:

...<The 10-day CBOE put/call ratio has risen to .747, the highest level since .763 on April 17. That day preceded an explosive stock market rally that carried the S&P 500 4% higher and the NASDAQ Composite 8% high, all in one day. And the Rydex Ratio (assets in Rydex Bear funds versus Bull funds) remains near its April lows. Both are short-term bullish sentiment signs for stocks. Intermediate term, today's release of the Investors Intelligence survey of newsletter writers shows 52.5% bulls and 23.2% bears. This is up from last week when there were 51% bulls and 25% bears. The percentage of bears is now nearly equal to what was seen on July 24, 1998 (23.3%). Recall that the Dow topped at 9368 on July 20, 1998 and fell 21% on a print basis over the next seven weeks. The Elliott wave pattern does not indicate such large downside potential at this time. But any way you cut it, there are just too many bullish advisors and too few bearish ones to suggest that a rally now will be a major advance. Either further base-building is needed to move these numbers, or the advance is likely to be narrow and selective, with just a few major issues moving the stock indexes>...

Best Regards, J.T.
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