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Wednesday, October 21, 2009

Wednesday Updates

This is my favorite chart for short-term direction, stocks that are above their 50 day MA. And it shows that there is possibility we just started a sell-off, with much more downside to come from these overbought conditions. The last correction saw the average move down to only 50% of the stocks were above their 50 day MA, and we are still at 75% above, after the bell today!!

The McClellen Oscillator still has plenty of room to run to the downside before starting to show any bullish signs!!

WOW, The charts says it all, GS lead the market down!!!, I might even use the word, TOP!!!

-After Stockcharts updates the dailies, I will add more charts, it will be interesting how bad this move hurt the bulls case!!!

Updated 9:45

Goldman Sachs went into a major sell-off after I posted the GS chart earlier this morning. I can not imagine GS not dragging the whole market down before the close. Financials led the market higher, and most likely will lead it lower!!

At mid-day, The Advancers are only leading the market by 2:1 over decliners, that is very weak breadth for this rally!!______________________________________________________

Updated 8:44

This is my best guess on the current micro count at the moment!!____________________________________________________

Updated 8:10

I can not imagine a sustainable rally going foward without Goldman Sachs on board!!


Updated 7:34

The bottom dropped out of the VIX this morning as all the indexes opened down, then quickly reversed to try and make new highs, still seeing lots of divergence on the charts, and do not believe this rally is sustainable for much longer


  1. Michael,

    The rally up from Oct 2nd is looking like a 9 wave extended impulse to complete Primary Wave 2.


    Paul T.

  2. Hey guys, heres our perspective: