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Technology Stocks : John, Mike & Tom's Wild World of Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Lost1 who wrote (144)	12/7/1999 11:17:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 2850

Thanks, Lost.... balance and perspective are things that we like here in the Wild World :) today one of every ten stocks on the New York Stock Exchange hit their lowest price of the past 52 weeks and the daily advance-decline line reached its lowest level since June of 1995. At the same time the Nasdaq Composite was up again and closed at yet another 52 week high. That, of course, says nothing about what happened with Yahoo today. In a bulletin sent out today by Ned Davis research, Tim Hayes pointed out the following: One of their breadth indicators is calculated by taking 52 week highs minus 52 week lows on a weekly basis, then dividing by issues traded for the week (the number of issues traded for the week on the New York Stock Exchange). Last week that indicator closed at -16.7%, its third lowest reading of the year. They then compared the bad breadth with advisory sentiment as calculated by Investor's Intelligence on a bulls divided by bulls plus bears. That, at the end of last week was at 64.9%. there have been only two other time periods when advisory sentiment was above 64% at the same time that breadth was lower than -16% on their two indicators. That occurred on October 16, 1987 and August 7, 1998. They wrapped up those comparisons by saying, and I quote, "not good times to buy to say the least." It sounds very bearish and it could well turn out to be just that, but , of course, made such comparisons and analogies in the past have not led to much difficulty (so far). To say that this market has no prior analogies to make is putting it mildly. the drg.x, the djua and the uty.x are really collapsing. John