(a) On a given trading day, 1,200 stocks advanced and 700 stocks declined. The volume of advancing stocks was 530 million while the volume of declining stocks was 280 million. What is the ARMS (a.k.a. TRIN) index value for the day? Show your work.

(b) Which of the following combinations signals a strong market?

I. a greater number of advancing stocks than declining stocks

II. a greater number of declining stocks than advancing stocks

III. a greater volume in rising stocks than in declining stocks

IV. a greater volume in declining stocks than in advancing stocks

Explain your answer(s)