Paul..Ned Davis made some interesting comments about the 9 to 1 down volume we experienced in July.. Dont those count as your 90 percent downside.. Heres the quote and the link to the full story..
Q: So it lasts for a matter of months before losing steam? A: Yes. We've had record oversold ratings. If you look at the up and down volume and what percentage of it is in advancing stocks and declining stocks, you'll find what we call a waterfall decline: two days or more in which 90% of volume is on the down side and two on the up side. The New York Stock Exchange data didn't show it, but our own database of the 1,500 largest companies showed we had two 9-to-1 down days and then two 9-to-1 up days. That is our definition of a selling climax. We've had record volumes and the market made new lows before turning up. Normally, you would get a new cyclical bull market out of that. This time, we'll see something more like last September, but it will not be a sustained rally.
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