Bronze Medal Day
July 16, 2008 – 12:38 am
Today’s action on the NYSE produced the third largest number of new lows in a trading day, since 1980.
1,149 new 52-week lows.
08/31/1998 had 1,183 new lows.
10/20/1987 had 1,174 new lows.
The only other times there were over 1,000 new lows on the NYSE were on 8/16/2007 (1,132) and 1/22/2008 (1,117).
This sort of puts into perspective how bad and how oversold things have gotten in the past year.
Tryin’ to push the marrrket up is like tryin to push a rope.
I cain’t get no powah, Captain!
July 16th, 2008 at 12:47 amAll’right then. Let’s have this wee laddie arrrrrested forra ampARSinatin’ a Scoot.
Every’oon knows, Scotty sayz:
“I CANNA geht ENNY more pow’r Cap’n!”
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July 16th, 2008 at 12:56 amADawg, you probably know this, but you should consider dividing your new lows by total issues and getting a percentage. In other words, normalize the calculation so you are getting an apples to apples comparison across large time frames.
It may be (and I suspect its true) that in the 80’s and probably in the 90s that there were fewer total issues.
July 16th, 2008 at 1:03 amWoody,
The raw numbers are interesting, but you’re right…it’s more helpful to know the percentage.
NYSE Hi-Low index is at 6% (new highs / new lows + new highs)
OTC Hi-Lo is at 6%.
These point to extremely oversold conditions. I can’t remember when I’ve seen it this low.
Will research what the numbers were for the Jan and Mar lows.
We will get a bounce in here somewhere.
Glad to see you back.
July 16th, 2008 at 1:36 amPay no attention to the drunken Scotsman. I will set my coordinates to market 15,000… per Abbey Joseph Cohen.
Blast off.
July 16th, 2008 at 1:40 amWoody,
At the January low on 1/22/08, the NYSE Hi-Lo was at 18%.
The OTC Hi-Lo was at 12%.
Right now, both are extremely low (very oversold markets) at 6%, as I indicated.
What’s also interesting is that market sentiment NYSE bullish percent is now at 26% and OTC bullish percent is at 24%.
Back in January, they were at 22% and 24%, respectively.
July 16th, 2008 at 10:25 amkey is to see a follow thru day. as per IBD method they look for a confirmation day 4-7 days after the low where one of the major averages is up more than 2% on above average relative volume.
the break in oil yesterday was an interesting event…hindsight will show how important that event was
July 16th, 2008 at 10:26 amLooks like some resistance at Dow 11250 to 11350. From there, a breakout hits 11800.
We’ll see how the rally goes. Like the Fly said, if we can’t rally big time today, the bulls will be bending over and grabbing their ankles again.
July 16th, 2008 at 10:47 amBespoke mentioned that we have recently had the most ” up one day down the next day” events in a 50 day period in nearly 70 years.
I am looking for this pattern to break. EOD will be important.
I also noted that symmetry wise we are nearly squared in time either side of the May high in the SPY. I am not big gann guy but the symmetry is interesting.
Full moon Friday to boot….we are water
PS. Should have kept my paw to the neck of my commode shorts. DUG having a nice day…
July 16th, 2008 at 11:26 am