I used to think, "If I look hard and long enough, I'll find IT", or, "If I track everything I can find, IT will come to me", or "If I keep at this long enough, IT will finally click..." Probably many other thoughts too, but after 20 years of having my butt parked in front of the screen... THERE IS NO "IT". Well said Gnome, it took me 14 years to get it.
If you got an alert on a +3 and rising, check out today. We just hit +6. I've pulled up a max TRIN chart on yahoo and I can't even see that we've closed over +4 any time before. This is some dismal and abysmal action out there...
One website shows TRIN closing at a 5-year high of 6.63 on a day in August 2000: http://investor.stockpoint.com/quot...noselect&ind8=noselect&ind9=noselect&x=14&y=9
Probably a good time to position for long trades, but I'd feel better about it if VIX were higher. Have to see what P/C ratio is, too. g
Over 10:1 downside volume today as well. Rare internals on many levels, but on such light volume. How significant? We has a 10:1 upside day earlier this year and that is often the start of a significant rally, but it failed. You would expect price to move down more easily with these kinds of numbers, but it hasn't. Could be the start of the next big leg down, or it could mean a successful retest of the retest of the Oct lows. Tomorrow should be interesting.
6.64 was the high today. And according to my charts if hasn't been this high since 10/97 six and a half years ago. But as someone noted the VIX is still not that high, 37.85. And I'll also point out that the TRINQ isn't that high either 1.44. Interesting internals. There seems to be no panic selling from fear, just no one to step in here and buy. And maybe institutions are dumping NYSE stocks for mutual fund redemptions. Also the volume is light these days.