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To: Softechie who wrote (3652)	11/19/2002 10:10:49 PM
From: Les H	Read Replies (2) \| Respond to of 29596

The premium in the VXN and the QQV over the actual volatility in the NDX and the QQQ have mostly disappeared also. It may trade at a discount by next week. The Summation Index should start to turn down after next week. Since it subtracts the 39-day advance-decline and this rally will have reached 39 days, the series will start subtracting positive numbers. It also uses the 19-day advance-decline which is getting weaker. The 10-day advance/decline ratio is starting to turn negative (i.e., below 1) for a number of indices. Might also notice that they're keeping two industries, Defense (DFX) and Oil (OIX/OSX), low for accumulation and keeping the other stocks up. If war fear starts to build up, they may reverse.