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To: NOW who wrote (37788)	5/3/2002 1:12:32 AM
From: bcrafty	Respond to of 209892

Anyone heeding the call to Arms? From Aaron Task tonight at thestreet.com "Additionally, the one-day Arms Index rose to 1.57 vs. just 0.62 yesterday. The Nasdaq Arms Index also reached extreme levels of over 3.0. (The Arms Index measures the ratio of advancing issues to declining issues by the ratio of advancing volume to declining volume. This ratio of a ratio is a measure of sentiment -- a contrarian indicator -- and a higher reading is thus considered bullish for stocks.) At the RealMoney Pro site today, Richard Arms, the index's inventor, suggested the recent back-to-back 2.0 readings for the one-day Arms Index, "the double-deuce", on Friday and Monday, is a particularly rare and extremely bullish signal. 'The implication is that we are likely to see a good deal more upside progress, but not a straight-up move,' he wrote. 'Some resting and then further, and less dramatic upside movement would be a very strong indication [and] I think that's the likely scenario.' In a subsequent interview, Arms suggested the message of the 10- and 21-day Arms indices are similarly bullish and defended their track records, which have come under question in some circles. That debate will have to wait. But its very existence suggests (again) a high level of cynicism among many market participants."