To: Lee Lichterman III who wrote (41970 ) 2/4/2001 2:03:44 PM From: Lee Lichterman III Read Replies (1) | Respond to Some good bullish arguements along the lines of what Don has been saying from Laverne Olney who I respect highly.csf.colorado.edu ) had an interesting analysis of the total market breadth, and presented some charts which revealed divergence of the market indices to the Advance-Decline and High-Low lines ( csf.colorado.edu ). I agree with him that in the last blow-off to this decade-long bull market, the capitalization-weighted indices went ever higher because of money concentrated into ever-fewer issues, while the overall stock universe was in a stealth decline, even before the Spring, 2000, breakdown. This chart ( jove.prohosting.com ) illustrates Ehardt's points. The A-D and H-L lines peaked in May, 1998; the most recent lows occurred mid-December, 2000, but it remains to be seen whether this uptrend will be sustained.users.chartertn.net ) and High-Low Summation ( users.chartertn.net ) Indices give a clearer picture of the intermediate market cycles. The marked change in market-breadth beginning in 1998 is still apparent, with the major weights of both of these indicators below the zero-line. Now, we have the A-D Summation significantly above the zero-line for the first time since 1998 ( users.chartertn.net ). The NASDAQ A-D Summation went positive on 2/1/2001 for the first time since mid-1999 ( users.chartertn.net users.chartertn.net ).users.chartertn.net ) are interesting, but basically they are simply comparing current market momentum to one year ago. Both the DOW and NYSE curve slopes have recently turned positive: users.chartertn.net consensus-inc.com 208.149.178.115 208.149.178.115 208.149.178.115 Message 10133590 Message 10204213 Message 11659119 Message 12222194 smartmoney.com ), but at least it has not been inverted since 1/18/2001 (using 90-day/10-yr).
