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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (17470)	4/28/1998 7:25:00 AM
From: bearshark	Read Replies (2) \| Respond to of 94695

bob: I am just watching the pigs and lambs. They still look a bit mean to me. At this point, I have seen little change in investors' sentiment. By noon yesterday, the little bit of fear that existed had subsided. There is still a bias towards buying stocks. Until that bias changes, I will not frolic on the short-side. I had hoped for a down opening this morning to present a buying opportunity before lunch. However, it looks like we may open up. The 5-day ARMs index is a cumulative number. Simply take the ARMs index at the end of the day for the previous 5 days. I use the WSJ interactive site. However, the ARMs can be found at Yahoo's U. S. Markets site. I consider the ARMs index to be unreliable in strong up and down moves. It is best used in a period of consolidation. I believe the 5-day ARMs index was between 4.5 and 5.0 at the end of the day yesterday. In a consolidation, the index should give a fairly reliable buy signal above 6. The last buy signal the index gave was in January.