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Non-Tech : Raptor's Den
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To: Paul Shread who wrote (7319)2/1/2003 8:04:27 AM
From: At_The_Ask  Read Replies (1) of 10157
 
"Yesterday was a very significant day from one standpoint. As you know, Lowry's Buying Power has been sinking for months, and this weeks it sank to almost a six year low. There's just little inclination on the part of the public or the institutions to buy stocks in any meaningful way.

"However, Lowry's Selling Pressure Index had also been declining, that is until a few weeks ago. As reported here, the Selling Pressure Index has recently turned up, and yesterday with the Selling Pressure Index up 25 points from its January 8 low, Lowry's (based on its own "formula") issued a "sell signal."

"I've been a life-long student of the Lowry's statistics (I've been studying the Lowry's Buy-Sell system since the '60s), and I attach major importance to yesterday's action and the Lowry's "sell signal."

"Once a sell signal is given (and they are fairly rare) the market usually rallies from its oversold condition, but following the rally the market continues on its downward bearish path. The rally from the Lowry's "sell signal" appears to be in progress now."

richard russell
dow theory letters
1/31/03



Sentiment seems to be at a bullish fever pitch right now, aside from the message boards. I've been expecting some type of an upward correction but with sentiment so high maybe this jello of the last few days is all we get.

With so many anticipating the "smart-bomb" rally perhaps it doesn't happen?

any thoughts?
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