Which index is now 101.3% higher than the highest reading during the last
Bear Market?
The answer is the New Lows on the New York Stock Exchange. The highest level
of new Lows was 912 in 2002. Yesterday, the New Lows reached an unprecedented
level of 1836. This is a clear sign of panic selling with NO buyers interested
in perceived bargains.
Yesterday's level is an indication of the panic levels in the market which
is being shared by both individual and Institutional investors. The implications
of the current reading is that panic and fear levels are exceeding those we
saw in 2001-2002.
As we commented yesterday: "The market scenario is one of panic and selling.
When can a bottom be established? Probably, not until we run out of sellers.
At that point there will only be buyers left and we will be able to find a
bottom."
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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