Looks Like a Possible Landing for Oracle

If you didn't place too much credence in Friday's strong day, you shouldn't have placed too much credence in Tuesday's down day. I mean, we're basically back where we started last Thursday, right?

Well, yes, but a look at the New York Stock Exchange chart below shows that the April lows are looking more and more inevitable. Now that doesn't mean I'd suggest getting massively short -- I'm not seeing many shorts right now, to be frank -- but it does mean to maybe lighten up on your longs.

Remember, chart-reading is looking at patterns, relating them to past patterns and using odds and percentages to figure out what the likely outcomes might be. And the likely outcome from the patterns I'm seeing is a trip back to April '01.

And on that cheery note, a look at the NYSE, Oracle (ORCL Quote), Texas Industries (TXI Quote), Office Depot (ODP Quote), Kemet (KEM Quote), Check Point Software (CHKP Quote) and Mesa Air (MESA Quote).

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So, as we continue the great countdown to freshman year at Whitman High School ("Poet, journalist, 'Leaves of Grass,' we're going to win, and you have no class!"), a few readers have suggested that this link will get you a chart of percentage of stocks above their 200-day moving average. It's not exactly the chart I showed the other day (that one used the 40-day moving average), but it is in a similar vein.