MW: Re: "If we really are in for bigger gains ahead, the June 2003 low in the equity-only P/C ratio may not hold. Are you sure that it will or are you allowing for the possibility that we could see below .54 on the 21day equity-only ma?"
Yes, sure it could happen. Yet what fueled the late June and early July rally was a sudden and dramatic turn UP in the p/c moving averages as a result of the bears overplaying their hand in the face of a rally. If the p/c continues to drop on any rally, it would be bearish imo.
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