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Thursday, December 9, 2010
Thursday, After the Close!!!
Another interesting chart filled with divergences.
Yash, I did adjust the 2nd wave a little, and put it at the 38% level. This is a log chart, if it were an arithmetic scale chart it would look more proportional.
This is getting interesting, the number of stocks making new 52 week lows are increasing, even though the Indexes are at yearly highs. This is a sign of an unhealthy market that is not firing on all cylinders. It would not take much of a sell-off, maybe 20 points, to trigger another Omen. The Omen to me does not mean much other then the market could be ripe for a large sell-off, it does not mean it will happen though.
The 9 day MA of the TRIN is at extreme levels now. Surges above 3 are deemed oversold and dips below .50 are deemed overbought. More information about the TRIN can be found here!!!