But it isn't logical to keep getting more new lows than new highs especially on a gap and go yesterday.
Even if the indexes are holding, it's a sign of weakness.
Dell was down almost all day on more volume today than yesterday or the day before. Merq was down on more volume too even though it didn't go as low as it was yesterday, it's still a sign of weakness.
And you have some stocks going nowhere on pretty heavy volume..... like MMM. Maybe it keeps going, but how come it couldn't get up and go with all those traders in it? Someone had to be selling into the strength.
The hall mark of a turn is that during such consolidations the internals improve, namely more volume goes into advancing issues, leaders break out and thus new highs expand, but right now we are getting internals that are even worse than during the last two weeks in February after a very similar advance in the Naz. You gave me the same argument on 2/28 (#msg-803731), the next Monday, the market topped 10 points above the 2/28 crest, and even on 3/3 as the market was cresting (#msg-806483), you were taking cheap shots at the turnips, but you never came back on 3/12 to suggest you were wrong about 1300 not being breached, not for that matter to suggest loading up a little. I fear that you are going to hold the bag this time as you did on 03/03/03 (g) (I like that number....).
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