It was the same old familiar story today -- financials led the market lower thanks to credit & housing woes. I'm somewhat amazed at the lack of fear I'm seeing though. The indices closed at new 52-week lows but volume actually decreased today and the VIX, despite an 11% jump today, is still below its February high, much less the January peak. Maybe we'll see some fear when & if the indices take out their January lows. Here's the VIX:
XLF, the financial ETF, undercut its January low by a penny today before bouncing a bit. Its longer term chart shows just how bad things are for this sector. It's back to 2003 levels and there's not much support in sight.
The Nasdaq is following the financials to the January intraday low.
And the S&P 500 isn't far behind.
Last but not least, T2108 is back in the 20's. It could take a few days for it to reach the buy zone in the sub-20's.
no changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Hi MIke
What is T2108 chart? What does this chart represent?
Konrad,
This should answer your question http://tradermike.net/2005/03/time_to_whip_out_t2108/ and for even more see http://tradermike.net/tag/t2108/