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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Les H who wrote (117593)	8/19/2001 11:54:36 PM
From: Box-By-The-Riviera™	Read Replies (1) of 436258

Re: the a/d line. from russell on the 15th. August 15, 2001 – Mystery solved: I continue to receive questions about the advance-decline ratio. How can it continue to go up when the plurality of the 15 most actives on the NYSE keep going down and when my Big Money Breadth Index (an A-D line of the 10 largest-cap S&P stocks) is dropping to new three-year lows? The mystery of why or how the NYSE advance-declines can continue to rise when the major averages are sinking has been solved. First, the composition of the NYSE isn't what it used to be? How's that? Because, according to Lowry's, approximately 48% of the NYSE issues are now preferreds, closed-end bond funds, closed-end stock funds, foreign stocks, ADRs and warrants. That almost half the issues on the NYSE. By the way, the "operating-companies-only" advance-decline line turned down in late-May and as of yesterday was near a 3 1/2 month low. This skewing of the daily advances and declines is throwing off the A-D figures and the high-low figures. BUT GET THIS – ONE OF THE MAIN ARGUMENT OF THE BULLS IS BASED ON ADVANCE-DECLINE FIGURES WHICH ARE NOW ALMOST USELESS AND ACTUALLY DECEPTIVE.

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