FBMKLCI and OBV

OBV chart from Bursa Malaysia Based on Index

OBV Computation based on Market Breadth

The founder of OBV, Joe Granville's computation of OBV for individual stock or commodity is based on price fluctuation, for FBMKLCI, I personally prefer to compute OBV based on market breadth rather than index for a simple reason, the FBM index can easily be manipulated due to heavy weightage for the big cap stocks. A good example is today's Bursa Malaysia closing, FBMKLCI closed up 4 points but the market breadth was negative, there were more losers than gainers. If based on index, today's volume is positive volume but if based on market's negative breadth, today's volume should be negative. And today is not the only day where FBMKLCI closed positive but with a negative market breadth. Form the OBV chart shown above, one can conclude that since mid October, there were many such cases. That is why the upper OBV chart of Bursa Malaysia doesn't look that bad whereas the lower OBV chart looked extremely bearish.

Green Packet formed another spinning today, it remains indecisive.

My friend sent me this photo, sunset at the north pole with the moon at its closest point. An amazing photo. A sun below the moon and the reflection, really amazing.