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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Dexter Lives On who wrote (10515)2/16/2002 7:29:24 PM
From: Dan Duchardt  Read Replies (3) of 19219
 
Rob,

The chart shows an undeniable inverse correlation between the Rydex assets ratio and the NDX, but correlations do not always reveal cause and effect. Especially on the time frame of that chart, it is impossible to tell if the rise in bullish sentiment is contributing to the reversals, or simply following the accelerating declines. What this chart could be showing is nothing more than a Rydex short squeeze induced by the "V" reversals. The little reversal of last week does not appear to have generated a significant shift in sentiment, suggesting that perhaps the Rydex ratio is lagging, being the "effect" rather than the "cause".

Dan
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