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Some Internals
October 3rd, 2008 at 10:35am · No Comments
Here’s a look at a few internal measures of the U.S. stock market’s health. The 10-day new highs minus new lows is diverging. This is a postiive. The 2 hour put/call ratio shows another spike up – the chart is through yesterday’s close. However, overall option volume is far below the mid September spike. I read these charts as bullish here as well. The sellers seem close to exhausted from my perspective. The danger is that the stock market internals may be useless here, as the real driver now is the disintegration of the credit markets. I’ll post more on that this weekend, but there are plenty of scary stories coming from people who follow credit closely. These folks are genuinely scared about what they are witnessing unfold.
Tags: General Market Commentary · Market Internals · Sentiment
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