fwiw, from another board:
For anyone who has any big shorting plans, read this snippet from my good buddy Richard Russell tonight:
I mentioned the Lowry's studies last week, but I want to repeat the fact that for the first time in four years, Lowry's Buying Power Index has crossed above their Selling Pressure Index. I've followed the Lowry's studies since the '60s on a daily basis, and I always take these studies seriously. Lowry's notes that their Buying Power Index has now risen to its highest level in more than five months, while their Selling Pressure Index has sunk to its lowest level since October, 1997. These are not estimates or guesses of adjusted figures -- the Lowry's statistics are based on actual upside and downside points and upside and downside volume gathered each day.
As a rule, the trends reflected by these statistics do not change rapidly. Thus, from the standpoint of the Lowry's statistics, the major trend of the market continues higher, subject to periodic corrections. Furthermore, based on past history, a crossing of the Buying Power Index above the Selling Pressure Index tends to occur about halfway through a major advance. On this basis, the Lowry's statistics suggest that this market could climb a lot higher. |
