CFA® Level 1: CFA® Level 1 Ratios - Interpretation and Analysis

Interpreting the Decline Ratio for Bullish and Bearish Market Signals

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Question

A decline in this ratio below 30 percent is bullish, above 50 percent is bearish.

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Explanations

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Explanation

The normal ratio of specialists' short sales to the total amount of short sales on the NYSE has become about 40 percent. Technicians view a decline in this ratio below 30 percent as a bullish sign because it means that specialists are attempting to minimize their participation in short sales. In contrast and increase in the proportion above 50 percent is a bearish sign.