Monday, September 08, 2008

Advancing Issues

Here is a link to my chart list on StockCharts.com. Take a look at the line chart of the daily advancing issues number.  Right now it stands at 1850 or so, well below the 2100 or 2200 level I would regard as bullish. And this even thought the S&P is still up about 15 points on the day.

All in all I think this is yet another sign that the downtrend which has been interrupted by the bailout news will soon resume.

After the close: According to Yahoo we finished the day with 2200 advancing issue on the NYSE, a definite improvement over the reading for most of the day. I would grade today as solidly bullish, but I still think it will take a close above 1285 to indicate that last week's downside action was a terminal shakeout.

7 comments:

Anonymous said...

Carl there are so many bears!! Now you too? When the market realizes how good the bailout is and that there will be more bailouts the market will skyrocket. The downtrend is over in stocks and in long treasuries they are up now!!!!!!!!! BUY!!! Today's bottom will be a bottom for many many years!!! Buy and set stops at today's low!

Anonymous said...

Buy and set stops at today's low!
that can be reached in 10 min, oh maybe 5........... no,no,no
Carl is right this mkt. first will retest 1218....

Anonymous said...

Up and over 1260 for the close. 2227 advancers on the NYSE at 15:57 EDT. Not as convincing a day as one would imagine, but not definitively bearish in my view.

Anonymous said...

OK...Let me put my .02 cents in...I believe market will resume down-trend and bottom sometime in the next 7 weeks. As presidential election nears and Mcain looks solidly to win, market will begin to recover. JMHO, Kind regards, Janet

Anonymous said...

This market is in bad shape. Everyone new this shit was coming and all they did was front run it. The best part is that there will be no more stick saves on the market. We should rally to 1287 and than start wave 3 of 5 down

Win said...

Carl,
UUP is at your initial target, and Commodities are still falling like rocks and it doesn't look like they'll stop any time soon. That could change if UUP retraces, but Gold is a really bearish chart now and I don't see how it could claw its way back any time soon. GOOG is falling faster than a rock and pulling the Qs with it (and may touch your 375 target), but the Qs show some signs of being close to the bottom (perhaps around 41.5 as you say). The Qs are now past the July lows are approaching the March lows, which I believe they may break. The SP will follow the Qs and bottom a couple days after. The Banks may have bottomed. In retrospect, Joe's long DIA and short Q trade seems to have been pretty sound. Short-term it may pay to be short Qs and short SP, or perhaps long BKX as a hedge. I will likely initiate manana.

Anonymous said...

And this even thought the S&P is still up about 15 points on the day.

it shd read as even THOUGH ... not thought.

Thx for an otherwise great blog!

Sue Carmine
Miami FLA