10 replies to this topic

[OEXCHAOS]

I'm seeing 411. Is that right? I don't remember seeing that many in a long time. Anyone have any data on whether that's a bottoming sign or a sign of further weakness? Mark

[hiker]

215 plus 116 is what I have for new lows

[ogm]

I'm seeing 411.

Is that right? I don't remember seeing that many in a long time.

Anyone have any data on whether that's a bottoming sign or a sign of further weakness?

Mark

I think its a sign of directionless chop. Too many crosscurrents in the market. There is no uniformity anymore. Manic depressive behaviour all over the place. Mega caps gapping up 10-15 points on earnings, at the same time thousands of stocks keep falling apart.

We got deeply oversold without the indexes actually selling, at the same time if you look at some indivudual charts there was a massive slaughter in the market.

I think Indexes are a bad directional trade, the money is in individual stocks and sectors.

Indexes will be choppy, affected by a few mega caps, dollar, volatility in commodity prices, interest rates, foreign buyers of multinational junk ( they know McDonalds and Coka-Cola, the symbols of America, so they'll keep humping them)

Overall, I think we're in a directionless wierd market.

We got severely oversold today ( Who would've thought, since indexes were green all day ..lol) So we'll probably try to bounce tomorrow and over the next couple days.

I was looking at green Indexes and then at MCO, and I was in shock.. MCO was in a state of collapse, and indexes were green. Crazy. I figured time to cover.

Edited by ogm, 25 July 2007 - 05:41 PM.

[Rogerdodger]

It's rally time of course.
If not, the "character of the market has changed" yadda yadda.
http://stockcharts.com/c-sc/sc?s=$NYHGH:$NYLOW&p=D&yr=1&mn=0&dy=0&i=p20865793723&a=100343858&r=7217.png

[thespookyone]

I think if you take a quick glance at either NALOW or NASI charts overlaid on NDX and SPX you'll find that it is indeed a bottoming sign. Makes sense in a fundamental (sorry guys, I know) way as well, because as those stocks turn, they are going to pump breadth, and the market overall. I think tech, and especially chips, are about to have a real field day here. Spooky

[denleo]

My reply is 1998. And for older traders 1972. Denleo

[HoseB]

I'm seeing 411.

Is that right? I don't remember seeing that many in a long time.

Anyone have any data on whether that's a bottoming sign or a sign of further weakness?

Mark

The only significance....

If the market makes a lower low (or approximate test of this low) with a significant positive divergence in the New Lows list... like maybe -200 or so = Buy Signal.... one of the more reliable technical setups.

Years ago, it was considered that the first low had to be 700+ ish, but I don't think that holds any more.

[danzman]

Still a buy! Anyone notice the volume on SPY? darn high two days in a row. Accumulation as many were stopped out. 93% down volume on NYSE...and my COT work still bullish. D

[atlasshrugged]

It's rally time of course.
If not, the "character of the market has changed" yadda yadda.
http://stockcharts.com/c-sc/sc?s=$NYHGH:$NYLOW&p=D&yr=1&mn=0&dy=0&i=p20865793723&a=100343858&r=7217.png

does sentiment trader support a rally here?

[Rogerdodger]

does sentiment trader support a rally here?

Yes.
Unless there is more selloff.
As I noted last night, this sentiment could support a bounce, possible for several days.
I bought some SSO today with a stop at the low.
Tomorrow could tank and I'll be stopped out.
But I'm a little long.
I would be surprised if this was an intermediate term low.
This week "normally" is up 3/4 of the time.
TWT

PS: I was holding my nose the whole time.

Edited by Rogerdodger, 25 July 2007 - 10:35 PM.