[With respect to the ARMS index] the day count range that you wrote about [4 days to 20 days on a close above 1.5 and 1 to 7 days on back-to-back readings above 2.0], is that calendar days or market (trade) days? The NASDAQ Composite Index data and many NASDAQ companies did not exist for us to chart back to 1974. Should this be applied only to Dow Jones Industrial-30 stocks?

The day count refers to market days. The ARMS index analyzes data with respect to the Dow and not the S&P 500 or the Nasdaq. The technology components of these two indexes can thus lead to different results than the Dow based on the ARMS index, especially in a situation such as this where there is a massive capital investment bust and chronic excess inventory. The index has only been around since 1966, and it cannot be back tested much further back as the data needed to calculate the index was not calculated.