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To: mishedlo who wrote (203558)	11/8/2002 2:24:33 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

nice -- thnx.

To: mishedlo who wrote (203558)	11/8/2002 4:01:25 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Wow, good stuff here! Another little-noticed indicator with an excellent track record is the 'New-Lows-as-a-Percentage-of-All-Issues-Traded' index. We calculated this number going back daily to 1928. The really big bottoms have seen between about 50% and 75% of the entire market hit a new low on the same day. The greatest extreme happened at the 1937 low, when 89% of the entire market made a new low on one day in October. If I saw anything like that percentage, I'd be thinking 'bottom.' However, we're a long way from that kind of number, and I doubt we could get it on the NYSE (too many interest-sensitive, nonequity-type proxies there.) "However, it could happen in the Nasdaq, where the really hot air still hangs out. John Mendelssohn used some of this type of logic when he computed his Diaper Index back in the 1970s and 1980s. In effect, he identified major bottoms by measuring how frantic the players were to get out. When they crapped their pants, the bottom was in.