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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (14748)10/28/2002 9:55:19 AM
From: J.T.  Read Replies (4) of 19219
 
NYSE Members massive accumulation ala 1974 redux continues as 1.63 BILLION shares have now been bought and buried since February 15 reporting week.

In the latest week thru October 11th (delayed 2 weeks), 67 million more shares were bought and buried.

In the most stringent test of all we have had the public shorting above the NYSE Members for 7 weeks in a row. THIS NEVER HAPPENED ONCE in 1974. And the inmates have piled on short above the smart money 14 out of the last 20 reporting weeks. Or if you prefer 17 out of the last 35 weeks.

In 1974, Total short sales peaked in the October bottom in the October 11 1974 reporting week.

In 2002, total short sales peaked into the July 26 reporting week bottom. Short sales this past reporting week into the October double bottom did not exceed the July bottom.

2002 Net balance index has reported net buying in 29 out of the last 35 weeks - the exact same figure as 1974 over the 35 week period.

1974 went on to record 39 out of 47 weeks net positive buying by the NYSE members.

What does it all mean?

The elusive BOTTOM has come and gone and most will miss this continued massive leg up as it frustrates those trying to get on board the long train on any pullback.

Best Regards, J.T.
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