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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: R Stevens who wrote (675)	6/22/1998 10:45:00 PM
From: Roger A. Babb	Read Replies (2) \| Respond to of 3339

RS, looks like the bull/bear debate has died down and the bears are taking a summer vacation. It seems to me that the market advance is becoming more narrow by the day with more and more money being concentrated in a few stocks such as AMZN, AOL, YHOO while the broader market drifts.

To: R Stevens who wrote (675)	6/23/1998 9:23:00 PM
From: Les H	Read Replies (2) \| Respond to of 3339

Your point about advance/decline is on the mark. If you check the TRIN for the OTC, it is below 0.80 on both the daily and weekly charts. This is indicative of a narrow advance and potentially a top. Even today's big move was only 6-5 advance-decline in issues. The up volume is overly concentrated in fewer advancers. This move looks somewhat similar to the advance of last September/October in which the OTC led the Dow. We don't know yet whether the pullback will be a retest of the lows or a pullback to mean, such as the 28-day mov avg. Around 1900 is the top line of the trend channel for the OTC.