Stock Market Analysis – 11-19-2007
Another weak day that continued the trend downwards. Highlighted on the chart are the short term reversal points which clearly depict the continuing slope downwards. Banks and housing still have gloomy outlooks (big surprise) and the most significant number of the day is that the declining stocks outnumbered the advancing stocks 9 to 2. Yes, for every stock going up, there were 4.5 going down today. Normally, if you look at bad days, it’ll be 3:1 or 3.5:1, but it’s not very often that you’ll see it well over 4:1. The up/down volume was even worse with 7.2 down trades for every up trade. JWN and HPQ ended up reporting numbers after the market close that seemed to please the analysts though, so maybe we can rebound tomorrow. Otherwise we are definitely in the danger zone of reversing the longer term trend.
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