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Oversold and very close to a bounce


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#1 diogenes227

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Posted 13 May 2019 - 10:32 PM

From the link:

 

 

At this point SPY is down seven of the past nine trading day, the nasdaq down eight of the last ten. Short-term breadth, the NYMO, is deeply oversold. VIX has moved from the “12s” to 20 in the same amount of time. It’s getting to be too far, too fast, which always leads to a quick bounce. Except for QCOM, all the bellwether stocks are sells and were flushed to oversold with big drops in the indexes today.

 

In addition, my nifty-50-stock-list has 41 stocks on sells and 30 individual stock on the list oversold. Forty or more on sells is oftentimes the beginning of the end, if not the end, of a downswing.

 

The link:

 

VERY CLOSE TO A BOUNCE


"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

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#2 OEXCHAOS

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Posted 14 May 2019 - 11:54 AM

That was my read. My "Secret Hedge Fund" indicator was flashing a STRONG buy yesterday at the close. Relative VIX was getting up there too.

 

Most Bullish of all, of course, was that cumulative breadth finally crossed over and gave a Sell. As soon as EVERYTHING goes to a Sell, the market can rally smartly!!!

 

Seriously. It's a reliable indicator.

 

Mark


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