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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

SOXL 61.79

-12.3%

Jan 30 4:00 PM EST

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From: da_cheif™	7/16/2008 1:03:37 PM
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check the dates on these historic events.... According to the WSJ, new lows on the NYSE reached 1304 (new all-time record). Never before in history have so many securities hit a new low on the same day. This is even more impressive compared to recent readings because the number of securities traded on the NYSE has been shrinking, not growing. There are around 3250 issues traded on the NYSE, down from around 3500 a couple of years ago, and lower than anytime since 1996. More than 40% of all issues hit a new low yesterday. That's a remarkable feat that has been matched or exceeded only three other days since 1962 - August 22, 1966...July 28, 1969...October 19, 1987 (I remember that day very well). After the 1966 instance, the S&P took another five days to bottom before staging a nice rebound, then a retest of the panic low, then a major 20%+ rally over the next year. In 1969, the market bottomed the next day and rallied heartily for the next three months before rolling over again. 1987 of course was Black Monday after which stocks rallied mightily before undergoing continued massive volatility. Yesterday more than 9 billion shares on the NYSE and Nasdaq combined (using composite volume figures, not just exchange volume). That's the third-highest recent reading, behind January 22nd and March 20th of this year. It's not a coincidence that those were also when we saw surges in the number of new lows, and subsequent relief rallies.

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