Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
The entire correction doesn’t feel like it’s over yet, but in the very near term, it feels a little overdone -- and it looks like we have a change in sentiment in the works.
With the headlines of the week -- especially the tariff drama -- as the backdrop to Thursday's decline, let's pick apart what the indicators show.
We saw some minor positives in Thursday's decline, so let's dive into them and what they mean.
Wednesday's action should help wring out some of the recent complacency that built up, and breadth was not too bad, either.
Despite Wednesday’s decline, breadth was not bad and the number of stocks making new highs chimed in at 321, while the number of stocks making new lows stopped increasing, and there's the Volatility Index....
Wednesday is the big day, but will anyone really be happy with the rate-cut announcement?
Aside from getting news on a potential rate cut, Wednesday will be a big test: With Apple so strong after hours, and a likely index-mover, we'll find out whether it will suck the life out of the rest of the market, making the decent breadth and outperformance by the small caps reverse again.
Not since that year have we seen four-consecutive days with the put/call ratio for the Volatility Index under 20%.
Because that was the last time we saw four consecutive days with such low Volatility Index readings.
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