Stocks Selloff On Higher Volume, Helping Send Some Indexes To New 52-Week Closing Lows
March 7, 2008 | Leave a Comment
Stocks sold off yet again but this time it did so on higher volume which is helping make my point that selling can start off slowly and pickup as it sells off. If you look at the downtrend since last February, you can see that this is the case now as it has been in the past with other market selloffs.
The good news, today, is that, like most sessions recently, the market staged a very volatile and powerful reversal. This time it was to the bull side and it was needed for the trapped longs as stocks looked like they were going to put in another very bearish day of trading.
The past two days has the feeling of a market that is ready to start its downtrend, once again. This would be the third leg down, since the top in November. And just like when the market topped, there are still way too many people that are looking to buy stocks here. If more people were not looking for a bottom, we could look at this selloff as a bullish situation as it would get us one step closer to a real bottom where we can get HOT charts again. Too bad we don’t have anything new and fresh setting up out there. Instead it is the same mess everywhere, and when that is taken with all the “dumb” money looking for a bottom, you have a market that could get very ugly.
And very ugly is not what people are looking for. Now, I know the data we are receiving out there is very bearish and I do know that we have had a 24% pullback in the Nasdaq. However, that simply is not going to cut it right now. Like I have said, too many people are looking for a bottom, and some very ignorant (who think they are very smart) people are starting to make some bold statements.
Worden – TeleChart Gold
November 1, 2007 | 2 Comments
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