Market Monitor Intraday Update
As of now for the first time in months the 65 days bullish to bearish ratio has flipped. You can see the amount of damage just few days of selling has done to market leadership.
But there is still lot of bullishness. You want to see less than 39 (now 45) figure on the 4% bullish side. You don't want stocks like AAPL holding on to their gain. You want to see a complete sea of red on the tape with less than 10 stocks up 4% plus. But we are getting there. This is good action. This will lead to good tradable rally in near future. The problem is most will be shit scared by then and probably miss it.
Later: Look for new leadership after the carnage
But there is still lot of bullishness. You want to see less than 39 (now 45) figure on the 4% bullish side. You don't want stocks like AAPL holding on to their gain. You want to see a complete sea of red on the tape with less than 10 stocks up 4% plus. But we are getting there. This is good action. This will lead to good tradable rally in near future. The problem is most will be shit scared by then and probably miss it.
Later: Look for new leadership after the carnage
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8 comments:
I just looked at barchart.com market momentum, i always look the change from last month, week and today to have a feel and today you can see clearly how much a week can make.It completely flipped in a week, example stocks above 20 ma; last week 54% today 14 % new highs NYSE 27, new lows 643. so it completely confirms our market monitor and if you look day by day, as Pradeep says, you have seen this coming,and a lot of the stocks we have been tracking, were breaking to the downside .
Hi folks,
I recently bough Nintendo (NTDOY) at 52.95. Yesterday it shot up 8% at Tokyo exchange and today its trading here in the US at 65.
Considering todays slide in the US market, I am wondering if I should sell these stocks. What you guys think how today's correction here will affect Japanese market tonight?
I am expecting a carnage in Asian market. When US market sneeze, they catch flue. The Asian country ETFs are already down 4% plus in US market.
Preadeep, through thsi post, are you sugesting that the time to short is around the corner? or is it that a chance to buy is around the corner?
puzzled ..
Pankaj
Pradeep,
Through this post, are you suggesting that the chance to short the market is around the corner or is it vice versa and we should soon expect a chance to go long?
Puzzled..
Pankaj
Time to short was few days ago now it is time to cover.
Hector
That is the thing with things like Market Monitor for 364 days they are useless and one day they suddenly prove their importance.
But there were several signs of trouble brewing for last couple of days.
Pradeep had mentioned needing to see stocks like APPL not holding their gains and seeing a ' sea of red' in the Market Monitor which would then be followed by a tradable rally. Noticed there wasn't a market monitor from Friday, is this still being maintained and is there an updated one for Fri and maybe intraday today? Thanks!
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