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good morning
with only 19% of all stocks on big board above their 200 day m/a
we are exterimely oversold
mkt sentiment has not turned up
McClullen osc at -216 is definetely at much HIGHER reading then last sell
off
with MUCH lower prices(bullish divergence)
i suspect intra day low of 490 on nya and then a dead cat bounce to
555-560nya intra day hi
unless new hi-new low/total issues*100 goes above its 19 day expo/ma
i will NOT go long this mkt but re short@ 555-560nya
fundamently the mkt is at its best reading in 2.5 years (projected earning
growth based on cost of production labor and material ,shipping and
marketting)
but we must visit 450-475 nya before the new rally starts for real
happy trading
Ben
p.s
for the week sep sp low@xxxx and hi@xxxxxxxxx
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