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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

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We've discussed the NYSE UD Volume McClellan Summation Index variants privately and perhaps it would be timely to take a look at different messages the NYSE Ratio-Adjusted McSum (RASI) and the raw NYSE UD volume McSum have been sending in the past couple of weeks.

First the NYSE UD volume RASI, the McSum variant most data providers utilize. Note the UD RASI confirms the September higher price high.

Next, the raw NYSE UD volume for the past couple of years. There is a distinct, noticeable raw UD McSum divergence between the higher SPX September price high relative to its August high.  Note also the raw UD McSum began diverging from the October 2008 low at the late November 2008 low. The ratio adjusted UD McSum variant posted its first divergence at the March 2009 lows.

It appears to be worth the effort to monitor both McSum variants.

Changing topics, another example of the liquidity tsunami exhibited in the bond CEFs is its AD RASI... which has carved out a McSum 4-step pattern spanning over 4600 McSum points, very impressive!


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