One For The Recordbooks
Well, at least that nasty week is over. It was certainly one for the recordbooks. Maybe not in terms of point declines, etc., but it was a record for the ARMS Index, and I believe the 99% down volume on the NYSE on Tuesday was a record also.
Here is how the major indexes fared this week:
- SPX: -4.41%
- DOW: -4.22%
- NDX: -6.18%
- MID: -5.05%
- RUT: -6.19%
The market is quickly moving to an oversold position, and will likely bounce soon. But the normal pattern is for it to then come back down, in some sort of retest of the lows. And it is via this pattern that the market makes a more solid bottom.
I will try to post an update on the sentiment indicators later. Also, check back for the Mutual Fund Monthly rankings.