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

To: Square_Dealings who wrote (68955)	2/11/2001 5:24:28 PM
From: Psycho-Social	Read Replies (2) \| Respond to of 99985

Re Investors Intelligence Survey: I have it charted (hand-drawn) back to 1987 and can say with certainty that its level (bulls - bears) has been rising steadily since 1994 and its range narrowing dramatically. It also does not correlate with the Nasdaq. For example: In 1994, the numbers were negative for the final 8 months of the year, and hit -29 at one point. In Sept '98 there was a sharp downward spike, but only to -11, and 1999's low was +2 in October. Anyone relying on the Investor's Intelligence survey for a buy signal in summer/fall of '99, would have missed the entire Nasdaq rally and is still waiting now. Judged by historical standards, the indicator hasn't given a major Buy signal in over 6 years.