However, market breath as measured by McClellan summation at 74 and falling like a rock. It is just about where we were 1 year ago almost exactly. I wouldn't be surprised if Naz has prolonged weak spell of 6-8 weeks where we actually get oversold for once in 8-9 months.
It is so easy for shorts to wack away at SNDK. When 1 M shares traded in each of the first 15 minutes this morning someone was selling actively.
AMGN is my CANARY. It is dying to cross 50 MA @ about $60.8x tomorrow and lead the NDX higher. I don't think it will make it.
On my system, I show an expansion on the nasdaq new lows as measured by the 10 dma now at 10.8. We equaled that high in the end of November. Before that, you have to go all the way back to mid May to find a 10 dma that high. We are, of course, talking about small numbers in tax loss selling season but new lows are waking up for now fwiw.
Zeev, re: "That is actually fine, particularly since new low have not expanded...."
Zeev, if not too late in your day for more shop talk, would you mind expanding on how little change in new low's with a contraction in new hi's is encouraging for market index weakness? I'd have thought a little expansion in new lo's would be desirable for a market decline ... Thanks for comments, Maury
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