ajtj99's Market Pulse

[Justa Werkenstiff]

Market: I said yesterday morning that an intraday rally and a close off the lows was the worst thing that could happen as far as finding a good bottom. And that is what we got. So, technically at least, imo, the Naz and Ndx are no better off today than they were Friday even with the drop of 20 points on the Naz as far as finding a good bottom is concerned. The Ndx is marginally worse off than in the Naz and I believe I see the work of max pain holding that index higher.

The short term sentiment indicators I use are the same as they were on the close Friday despite the carnage. I know, that is hard to imagine but that is the case. They are not extreme by any measure. I relaize there are some extremes going on outside of these measures and things are getting quite oversold but my point is that this should all lead to an identifiable good short term bottom at some point. I don't see one yet.