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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: DOUG H who wrote (48299)	4/27/2000 1:14:00 AM
From: Michael Watkins	Read Replies (2) \| Respond to of 99985

Doug H Isn't it possible that the A/D line is simply reflecting an economy undergoing change, with new industries emerging and older ones in decline? The problem is that there are really two a/d lines. One for the Nasdaq and one for the NYSE. Lets ignore the Amex for this discussion... ;) Both markets a/d lines look like crap - rallies have been ever more narrow. It seems that whenever discussions of the a/d line, and market breadth, come up (not refering to you, just the popular media), the A/D line referred to and commented on is the NYSE. It almost sounds plausible - old economy stocks that aren't participating helps to defend the bullish case for the "new" economy. However if you consider the Nasdaq as the home of the new economy, and its a/d line, and now volume and breadth, look as poor as the NYSE - takes the wind out of the bullish at all costs arguements. I've not ever heard the popular media discuss this...