This column was originally published on RealMoney on Oct. 21 at 8:48 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.Can Google ( GOOG) save the day? I'm sure if I went back in my notes I could find some time when the market rallied and gave it all right back the very next day, as it did this week. I'm sure if I went back in my notes I would find that there were times that such action was totally bearish. And while I'm not so certain if we would find a time when it was bullish, I am going to try and be totally unemotional about the market in here and show you just the facts. We know we're oversold. We know just being oversold is not a reason to rally. We also know that markets can get oversold and stay there. But when you look at the oscillator chart today, I want you to notice that you have to squint and use a magnifying glass to see yesterday's selloff on the chart. And if we come down for the next few days in the manner in which we did Thursday, that oscillator will still not make a lower low. That's right: no lower low on the oscillator. And a higher low on the oscillator while the S&P 500 makes a lower low is a positive divergence. I have rarely seen a time when the oscillator makes a higher low and the S&P makes a lower low that the market hasn't rallied thereafter. And I admit I was shocked to see that the number of stocks making new lows shrunk yet again -- half of what we had last Thursday. Oh I know, the S&P hasn't made a lower low yet, but folks, even if it does so from here, do you really think we're going to double the number of new lows we have now? If they wanted to crush 'em, wasn't Thursday their chance? But once again, it's more than that.
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