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To: At_The_Ask who wrote (28572)	1/17/2002 10:39:47 AM
From: Paul Shread	Respond to of 209892

He's frequently wrong, and often very early, as he was all last year. Again, the one thing he ignores about his own work is that it is most reliable when it coincides with a closing NYSE TRIN of 3 or higher. Sometimes much higher. I can't believe he has any 'clients' left to tell to go long. He seems very resistant to the work others have done on his own system.

To: At_The_Ask who wrote (28572)	1/17/2002 10:44:23 AM
From: Les H	Respond to of 209892

I have 1.12 10-day TRIN on the SPX as of yesterday. There was a 1.59 at the December lows. There was 1-to-9 A/D ratio and 1-to-9 U/D volume ratio on the SPX yesterday, while the OEX and SPX had 1-to-19 A/D ratios. It looks like the NYSE A/D is being distorted by the bond substitutes (preferreds, reits, bond funds, and small caps) as with last August. I have 10-day TRINs consistently around .6 for the REITs for the last several weeks. In any event, one should expect a bounce when the SPX/OEX/NDX A/D is so lopsided.