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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (22881)	8/3/2001 5:45:22 PM
From: Sully-	Read Replies (1) \| Respond to of 30051

Zeev, CBOE is showing p/c ratio at .75 at the cob today. It's not much higher than your number, but it did cross into mildly bullish territory. If you don't mind though, where did you get yours from? cboe.com

To: Zeev Hed who wrote (22881)	8/3/2001 6:34:57 PM
From: Mike M	Respond to of 30051

Yeah, I forget who, but somebody said we would hit a temp bottom Friday or today. Darned if this predicting stuff isn't in the too hard to do category. I suspect that P/C ratio will probably be a better indicator of the next rally than new highs or A/D lines.

To: Zeev Hed who wrote (22881)	8/3/2001 6:55:28 PM
From: Mike M	Respond to of 30051

...and the volume, well...the same with the A/D. Everybody reads different things into the technicals. Jerry Favors' comments: One strongly positive signal today was given by the Daily Advance/Decline Line. While the Dow is still down 786 points from its 11337 closing high for the year, the A/D Line today rose to its highest reading for the entire year. That is bullish action. Normally, when the direction of the Dow differs from the direction of the A/D Line, the difference will ultimately be resolved by the Dow confirming the action in the A/D Line. In this case this would suggest that the Dow will ultimately move even higher this year, despite any short- term pullbacks. Despite the rally this week, the Dow has still not reached even mild overbought territory at this time. Today the 5-Day RSI on the Dow closed at 63.81, still not yet exceeding the 70 level, which marks even mild overbought territory. So there is still room for higher prices. The Dow has a short-term upside projection calling for 10750, plus or minus 60 points intraday. That projection is due next week. The Cycles still call for the next high near Monday, August 6, plus or minus 1 day, and then a decline into August 9, plus or minus 1 day.