Laugh if you will, but bank stocks are manifestly
above their worst levels seen in mid-July as measured by the BKX.
The simple technical fact is that despite all of the ill news of
the past two weeks, the BKX is up 50% from its lows; is now trading
well above its 50 day moving average, and that moving average is
itself now trending higher. The news is horrid, but the trading
activity is positive indeed... and a market that won't go down on
bad news is not a bear market.
Posted by rreynolds on 17th of Sep 2008 at 02:59 pm
Matt do you know where one can get a list of the stocks 50 day
MA included in this graph. With over 1200 stocks I believe making
52 weeks lows yesterday this graph does not pass the smell test to
me.
Posted by dallahoo on 17th of Sep 2008 at 11:43 am
Yep, you are right, my good Sir. this is the 4th high
distribution day in a week or so (I have to check) but the point is
after back to back distrib. days like this we may get a seller
exhaustion and some sort of a bounce. It also is in full accord
with a 5th wave behavior, especially if we get some +'ve divergence
on the lows. It's like a spring, you can only press it so much, it
snaps back at some point.
Posted by hornsant on 17th of Sep 2008 at 11:37 am
Does this chart up date by the end of the day ?. If so does
anybody know how to corelate the % drop in the SP500 to a drop in
the %50. could we be hovering the 20% at this point ?
Posted by rgoodwin on 17th of Sep 2008 at 10:44 am
Someone tell this guy to shut up. People like this get little
folks in a lot of trouble. The whole world know we are in a bear
market - what planet is he on? And what market is he watching? How
pathetic. More reason to subscribe to BPT!
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From Gartman
Posted by gmohan on 17th of Sep 2008 at 10:27 am
BKX; THE BANK INDEX:
Laugh if you will, but bank stocks are manifestly above their worst levels seen in mid-July as measured by the BKX. The simple technical fact is that despite all of the ill news of the past two weeks, the BKX is up 50% from its lows; is now trading well above its 50 day moving average, and that moving average is itself now trending higher. The news is horrid, but the trading activity is positive indeed... and a market that won't go down on bad news is not a bear market.
Gartman said: "The news is
Posted by dallahoo on 17th of Sep 2008 at 11:16 am
Gartman said: "The news is horrid, but the trading activity is positive indeed... and a market that won't go down on bad news is not a bear market"
But XLF is down 8% today, which market is he referring to as not going down? I guess I am missing something here
yes agree, but this chart
Posted by matt on 17th of Sep 2008 at 11:26 am
yes agree, but this chart bothered me, it was still way too high for a bottom yesterday, it usually bottoms around 20% or below
% of Stocks In S&P 500 Above their 50 day MA
Matt do you know where
Posted by rreynolds on 17th of Sep 2008 at 02:59 pm
Matt do you know where one can get a list of the stocks 50 day MA included in this graph. With over 1200 stocks I believe making 52 weeks lows yesterday this graph does not pass the smell test to me.
Yep, you are right, my
Posted by dallahoo on 17th of Sep 2008 at 11:43 am
Yep, you are right, my good Sir. this is the 4th high distribution day in a week or so (I have to check) but the point is after back to back distrib. days like this we may get a seller exhaustion and some sort of a bounce. It also is in full accord with a 5th wave behavior, especially if we get some +'ve divergence on the lows. It's like a spring, you can only press it so much, it snaps back at some point.
A shorter's dream, nothing less!
Does this chart up date
Posted by hornsant on 17th of Sep 2008 at 11:37 am
Does this chart up date by the end of the day ?. If so does anybody know how to corelate the % drop in the SP500 to a drop in the %50. could we be hovering the 20% at this point ?
Someone tell this guy to
Posted by rgoodwin on 17th of Sep 2008 at 10:44 am
Someone tell this guy to shut up. People like this get little folks in a lot of trouble. The whole world know we are in a bear market - what planet is he on? And what market is he watching? How pathetic. More reason to subscribe to BPT!