HI Jeff,
Put/call ratio is there now:http://stockcharts.com/def/servlet/SC.web?c=$CPC,uu[m,a]maclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]
That leaves a vix spike to the 60'3 and we have equalled the past capitulation of October 98. Note the duration of the vix spike lasted pretty long - however the true capitulation phase was only a day and 1/2 in October(it was very quickly over). A double bottom went in on many stocks as far as price was concerned.Indicators that show buying momentum were in strong divergence with the second price weakness and signalled a clear buy sign - tsv and moneystream on TC 2000 where strongly up as the price of many stocks retested the lows set up in the previous weeks.
stockcharts.com[m,a]maclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]
Some pummeled stocks seem to be bottoming:
Orcl :http://stockcharts.com/def/servlet/SC.web?c=ORCL,uu[m,a]daclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]
Jdsu :http://stockcharts.com/def/servlet/SC.web?c=jdsu,uu[m,a]daclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]
I'm salivating on a vix spike to snag these 800 pound gorillas in the basement bargain cage:
Intc:http://stockcharts.com/def/servlet/SC.web?c=intc,uu[m,a]daclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]ADX needs to get up over 40
Amat :http://stockcharts.com/def/servlet/SC.web?c=AMAT,uu[m,a]daclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]ditto on ADX over 40
Nvls :http://stockcharts.com/def/servlet/SC.web?c=nvls,uu[m,a]daclyymy[pb50!b200][vc60][iUl14!Li14,3!La12,26,9]
The set up is complete - now we need a good old fashion panic selloff.
JMHO
Bob |
