Is the Market Correcting? NYMO Suggests Its Over Already
Contrary to our posts of the last few days, the market seems to be in the midst of a big correction finally. Or at least that's what the market and media tells us as the market closed today. Polls on CNBC showed that 60%+ plus investors expect a 10%+ correction and nearly 30% expect a 20%+ loss. Just another indication of how bearish the market has become. Down 6 of 7 days and 7 of 9, its surprising how few 'experts' have suggested buying this dip. One indicator that highlights the extreme negativity is the NYSE McClellan Index. At the close of today it ended at -114 or basically the same level as the end of February which is right before the market bottomed. The low number in the last year plus was just below -125 in October of last year. Those were some brutal moments in this market and indicative of how negative the market tone has become now. Its no clear cut indication that the market will turn tomorrow, but it does provide support to the theory that the market is sho...