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

To: Killswitch who wrote (14357)	8/21/2002 11:59:43 AM
From: Killswitch	Read Replies (2) \| Respond to of 19219

"OEX Gets the Maximum 08/21/02 10:23 AM EDT Veteran technical analyst Phil Erlanger is now ranking the OEX at a "maximum sell". His ranking scale of 1 to 100 (1 being maximum buy, 100 maximum sell) has been fully traversed by the recent rally. The last time this happened was in March/April 2001. That time period was of course on important top in the market. I don't see this as a parallel, since I don't think it likely to record an important top only one month after an important bottom, but it certainly adds support to a short-term top scenario. You can reach Jay at JayShartsis@optiontraders.com. Overbought Oscillators 08/21/02 10:05 AM EDT Chris Cadbury noted this morning that the McClellan oscillator bearishly made a three-year high Monday at +225. His trendline oscillator remained in the overbought area for the third consecutive day as well. The message here is that the market has had a big run and now needs to consolidate that move. You can reach Jay at JayShartsis@optiontraders.com."