With only 22 % of issues on the NASDAQ Composite above their respective 50-day MA certainly qualifies as a short term oversold condition. However, the low reading does suggest weaker footing for the market in general than say just 6 months ago.
Nasdaq Composite Net 52 Week Highs-Lows 50 Day MA
Source: Redwood Technimentals Research Group
Net 52-week highs are below the zero line, and have similar readings to March ‘03. This suggests we are oversold.
Think Again: Al Qaeda
The Coming Energy Crisis?
Oil prices become election issue
States May Bear Brunt of `New Imperialism’ Costs
Theory of the Blogosphere as Avant-Garde
The lunatic you work for
Quote of the Day:
“I’m surprised and disappointed that the behavior isn’t that ardently different between Christians and non-Christians.”
- John Styll, on the prevalence of Internet music downloading of gospel and religious music amongst Christian teens.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.