No matter how many times we see THE REACTION to A NUMBER (like today’s oil inventories) is more important than the actual number, CNBC will still get flummoxed any time the market does not behave as expected.

Anyway, long time no check on these Bullish Percent PnF charts Kevin Depew tracks on Minyanville.

Alphadawg had a great explanation of PnF chart reading the other day, as an aside.

Just to refresh, he hits up the percent of stocks above their 50 Day MA in a given index and pops it into a PnF chart. It’s not a timing tool, more of a big picture look at internal strength.

Right here right now, all 5 indices he looks at, the NYSE, Russell, Nazz, Nazz Composite and S&P are bullish, as are the NYSE and Nazz High-Low Indices.

The S&P shown here, and the Nazz 100 are in correction mode, but still bullish, the others all remain in X’x.

As far as “field position”, everything is pretty mediocre. The Nazz Composite sits at 33%, but everything else resides near 50%.

Originally this all kind of looked like 2002 redux. Big washout that summer, followed by internal improvement that never really translated to anything in the market until spring of 2003.  For it to follow 2002 though, we need a big selloff in the next few month’s down near the Jan. and March lows, coupled with higher lows in the PnF.