This market continues to test our patience. With headliners like unemployment at 6.5%, Ford burning through $7.7 billion in 3 months and GM and Chrysler begging on the street corner for loose government change, it is easy to lose heart and get frustrated.
However, even with the past two days meltdown, the NYSE Bullish Percent still sits at 42%. It would need to drop to 40% to reverse the recent bullish trend. Although we could see that happen today, I am waiting until the final hour to draw any conclusions for a “freaky Friday”.
One encouraging point for the bulls: the NYSE Hi-Low index actually increased with yesterday’s action by about 2%. Though only 8% of stocks are making new highs, it may be signaling that the recent sell-off may have run it’s course. With so much news and market volatility, I’ve stopped looking at the ticks and have just focused on what the day, as a whole is telling me.
The final hour will tell.
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