Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	6/14/2002 1:53:41 AM
From: Psycho-Social	Read Replies (1) of 99280

Contrarian Indicators Showing Strongly Oversold Condition: As the Market indices have continued to weaken, my major contrarian indicators have gradually moved into a major intermediate oversold condition. For example the 3indicator average of 3 Sentiment surveys published in Barrons is at 26% bullish, and has been below 30% bullish for an unusually long 6 consecutive weeks. Jake Bernstein's indices of trader sentiment on the S&P and Nasdaq have been fluctuating around 10% bullish for the past two weeks. Finally, Stock Fund flows have deteriorated gradually to a major oversold condition. The AMG Data reports show outflows for 3 of the past 4wks, with only one small weekly inflow of less than a billion dollars. This past week saw a $3 billion outflow. My leading indicators are not showing the kind of uptrend I'd like to see to support a major intermediate term uptrend in the Market averages, but we can't go much lower in the weeks ahead. I'm staying at 70% invested, with about 25% of that in Nasdaq correlated investments. It looks like some modest gains are likely from here.

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