1:50 pm ET
New breaks: 356
Bullish breaks: 21 (6%)
Bearish breaks: 335 (94%)
Looks like the bears are stomping and grinding the bulls into dust today. I haven’t seen things this lopsided since the Oct/Nov ’08 days (which wasn’t very long ago).
To make matters worse for the bulls, here’s a list of a majority of the bullish breakouts:
DEE, DGZ, DOG, DUG, EEV, EUM, RSW, SCC, SDS, SH, SIJ, SJH, SMB, SZK, and TWM (all inverse ETFs!)
The only long positions breaking out are BND, GBF, NPG, VHI, VXO and RTMI. Have fun with THAT. Seriously. I don’t know whether to laugh or cry.
As far as the breakdowns, they’re all over the place: software, metals, biotech, insurance real estate, machinery, S&L’s, aerospace, retailing, transports, electronics, oil service, banks, building, oil, finance, healthcare, internet. The list goes on.
When I look at the bullish / bearish pattern ratio, the number stands at 39.8% bullish. This is down from 53.7% yesterday and over 84% last week. The 84% indicated a very overbought condition in stocks.
This almost seems too extreme today. Maybe we’ll see some late day action from The PPT—but don’t hold your breath on that.
That is all. Carry on.
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