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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Killswitch who wrote (12952)	6/23/2002 9:52:46 AM
From: t2	Read Replies (2) \| Respond to of 19219

Could the difference we see versus what happened in September is really due to the Dollar. Foreign investors are pulling out of US stocks. You can probably see that in the way large caps are getting hit while small caps seem to be doing OK. I had read it was 12% of US stocks being held foreigners. That seems quite high and enough to cause a slide that makes makes it difficult to make a contrarian call based upon Rydex. I checked the NYSE stocks short interest. Although it hit a record in June, more than half of the gain was from the increasing shorts on NT and LU..convertible issuances. Most key large caps actually saw a decline in shorts! That is just based upon my quick glance at the data. All this makes it harder to compare this situation to September. Might be better to just take a look at the dollar for the direction; when dollar bounces strongly on an intra day basis is probably when the markets start moving higher. So far, the dollar is breaking every support level with no bounce whatsoever...amazing. 3 month chart shows how 110 and 108 is not leading to any bounce at all....which is amazing how these were key support levels (take a look at the longer term chart) quotes.ino.com