Well today turned out better than it could have in that B2B, some Telecom and Footwear stocks closed their respective industries up. I'm sure there were some others. Fact is though that if you want to see a bottom then you don't want to see even that kind of activity. You want to see wholesale selling with no regard to any rational thought because fear makes investors panic into selling with no regard to what made them buy the stocks they bought in the first place. I think we have a lot further to fall unfortunately before we get there.
The NASDAQ itself has had an RSI below 30 no fewer than four times since the beginning of 2001:
stockcharts.com[h,a]waclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14]
I'm thinking new lows in 2003 to get that RSI back below 30 but who knows for sure? The SOX has only seen its weekly RSI below 30 twice in that same time period. Both times last year. It happened in July and then September through early October:
stockcharts.com[h,a]waclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
RtS |
