Page 52 - FINAL CFA I SLIDES JUNE 2019 DAY 4
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Session Unit 3:
13. Technical Analysis
Non-Price-Based Indicators (funds flows), p.325
The Arms index or short-term trading index (TRIN) is a measure of funds flowing into
advancing and declining stocks:
1 = funds are flowing about evenly to advancing and declining stocks.
1+ = the majority of volume is in declining stocks
1- = the majority of volume is in advancing stocks
On TRIN charts for U.S. stocks, spikes upward often coincide with large daily losses, while
spikes downward have coincided with large daily gains in the stock market.
Margin debt too as funds flow tool…why?
