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Friday, May 07, 2010 9:37:45 PM
What do I think? I don't think much of the MCO. I use my own statistical transformation on A/D issues. Today is like Feb 25ish of last year. Bear in mind just the MCO number means absolutely nothing. As a matter of fact if you look at history, MCO will start to rise and the market will keep falling. There is normally a period of divergence before the market actually picks up.(The same is true for falling market, this market should have been fallen on March22, it was a whole month of divergence, the longer the divergence, the stronger the reaction in the opposite direction). I hope it is like last June, a rise to the median value then falls again then restarts the rally. If it is like last March, a lot of people, the unbelievers, will be in pain. The longer they stay in the market hoping that it will bounce the further the market falls. I think Denmo spotted R3 and that is probably right, within 3 days the market will fall hard and retest the low made on Thursday at least. As a side bar, May4 recorded the highest number of declining issues for past 16 months at 3686 and two days later May6 recorded the lowest number of advancing issues for the same period at 178. This is exodus.
2bit
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