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Strategies & Market Trends : Value of Perfect Information

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From: Q8	11/20/2008 1:17:41 AM
	of 262

Another very important positive divergence that the market has been working on is the percentage of stocks on the NYSE hitting new 52-week lows. Many times, as a market is bottoming, you will get a series of bullish divergences with respect to this internal measure. During the initial low on October 10, 88% of NYSE issues posted 52-week lows, a record, and far exceeding the level posted on the day after the 1987 crash of 54%. When the S&P 500 tested the October 10 low at the end of October, the peak in new lows dropped to 35%. On November 13, 2008, when the "500" tested the price lows again, 24% of issues hit new lows, which is still a very high reading on an historical basis. This pattern of fewer new lows as the market attempts to base is a good sign and indicates that the internal structure of the market is improving underneath the surface. Ok ok so what am I getting at. Well guess what percentage of NYSE stocks made new lows today.. yes exactly 35%.. the same amount as the October 10th low!!!!!!!!! While the percentage of new lows is higher than November 13, 2008, it did not spike up past the high of 35%.. so I would say good news

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