Friday, February 20, 2004

Starting to get some pretty good oversold readings going here, other than just in the Nasdaq.  Our STEM.MR model is at 61% currently, the highest since Feb 5th.  The price oscillator on the NDX has now dropped to 23% (off the scale on the intraday charts), which is one of the lowest readings in three years, matched only by readings on April 8/9 last year.  Perhaps most remarkably, the cumulative tick on the Nas is now at -4000, the lowest since October 7th, 2002.  Obviously some heavy selling here, but we should see some kind of bounce soon. 11:05:48 AM