Thanks Gottfried. Although I would like to see BPNDX falling faster to help me believe we have found bottom I do think BPOEX and BPSPX are getting close to bottom numbers. In addition we had a huge drop in the $NAHGH today:
stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!a15!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
Down 16 to 34 today. If this gets below 15 it will be one more sign of a good bottom I think. Once again I could be wrong. Also I read today that a true bottom often has as many as 5 90% down days like we had today.
FIVE? Wow that's a lot to ask for but that is not enough. After that a true bottom is to be closely followed by a 90% upside day. Anyway, that what it says here:
stocks.internetnews.com
Technical Analysis: 90% Downside Day
by Paul Shread
March 10, 2003 - Today was a 90% downside day on the NYSE, a sign that investors may be starting to throw in the towel. Remember, the average number of 90% downside days at a major bottom is five, according to Paul Desmond of Lowry's Reports, and the bottom must be confirmed by a 90% upside day. However, a good bounce often follows the first 90% downside day. The Dow (first chart below) has resistance at 7650-7680 and 7750, and support at 7500 and 7200. The S&P (second chart) has resistance at 822 and 830, and support at 806, 800 and 768-775. The Nasdaq (third chart) has support at 1260-1263, and resistance at 1292 and 1300. Finally, the TNX (fourth chart), the 10-year treasury yield, looks like it could see 3-3.2, based on a head and shoulders top similar to that formed by the Dow and S&P.
RtS |
