Oct. 14, 1999
The statistics say it's still ugly out there. And the worst part about it is that the selling is not climactic. In fact, I even heard the folks at
telling us last night how so many of the people they talk to were buying into the decline! That tells us where sentiment is, and it is not in the right place for a decent bottom.
The new lows have expanded to a great degree, and that is not a positive. Add to that the fact that neither the
is oversold yet. I suspect there are itchy fingers out there just waiting to buy so we may rally (heck, we've been down hard two days in a row!) but I continue to believe rallies will meet resistance. I prefer to wait for a real bottom before diving in.
New Highs and New Lows
Cumulative Advance/Decline Line
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at