Jason brings up a great point on how the TRIN works and is at times misused. I would also like to point out that according to John Brooks at Lowry's, 48% of the NYSE is "non-operating" companies like closed end bond funds and the like. That could skew the readings as well.
I would be cautious about using some of the "older" indicators that have "new" issues. The indicators still work, but it is important to compare apples to apples.
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