Of all stocks today, 116 had a rise of greater than 5%.
Of all stocks today, 38 had a drop of greater than 5%
Of all stocks today, 465 had a rise from yesterday AND finshed the day LESS than 1% off their high of the day.
I suppose I should give a backdated example for a reference...from 12/03/01
102 closed up within 1% of HOD
And while I'm at it, here's the results from a year ago in the Tech Boom! Remember that?
44 < 5%
475 closed up within 1% of HOD
Now I know you can twist statistics any way you want, buy to me, these are more than interesting results.
Shall we call a bottom now?
These tests were not planned, or fixed. They were done through boredom and to satisfy my curiosity, having seen a few interesting intra-day moves today.The dates picked for backtest were purely arbitrary.
For those of you that have EDS, I'm posting the 3 routines in the EDS section.
Of all stocks today, 134 (+18) had a rise of greater than 5%.
Of all stocks today, 28 (-10) had a drop of greater than 5%
Of all stocks today, 403 (-62) had a rise from yesterday AND finshed the day LESS than 1% off their high of the day.
No, I don't, I'm afraid. I guess we will just have to wait and see. I agree that the more volume is ploughed in, the greater the chance of a continued trend reversal.
I don't think all shares in all markets will bottom out at the same time.Tracking the number of advancing issues versus the number of declining issues is as good a way as any of guaging market sentiment and hence a sustained reversal.
Bad news will continue to decimate stocks and confuse the issue.
regarding bottoms, I believe that there could be two types:
a v-shape - caused by capitulation; this is normally associated with record volumes over a couple of days;
a u-shape - caused by slow attrition over a long period of time; volume decreases as the public get bored and sell their shares while the smart money slowly accumulate. Then guess what? A big breakout on volume as demand comes back...