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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (5978)	1/9/2001 9:53:19 PM
From: bobby beara	Read Replies (2) \| Respond to of 19219

hey fur dude, claude doesn't use the mcllelan scale on his chart, it's actually at 2000 somethin, the summation is an oscillator the goes from overbought to oversold, the summation went to a record 3000 something in 97 when we had the peak; in new highs on the nyse. thats back when everything was going up in lock step, there was no ole econ and new econ =g= now we could be making a breadth initiation here off a bear market bottom on october 18th, which would mean the dow is headed to 13000 somethin in my book, or we could be reaching an overbought bear market rally, that has stopped in this 2000 area before since the a/d fell outta bed in 98. the nyse is in a triangle so i guess that question should be answered with a volume expansion out of the triangle, the fact that the dow had a false breakout of it's triangle and came back in leads me to think this breadth expansion is a bull trap, but thats just a theory, until we breakout one way or anoda on the nyse. the summation has a woodie off the october lows and looks bullish, while the rally off the march bottoms had the ziggy wiggy bearish look. maybe greenie will lower another 50 or 100 basis points and this thing will go da cheif again, or maybe the margin built up in the bubble needs to be worked off in an extended bear. i tried 900jamaican chick, she don't know either -g-