Still in the Correction Camp

Thursday was a two-tiered sort of day in the market: There was precious little selling in the Dow stocks and a handful of other big-cap names, but plenty of unloading elsewhere. Statistically, however, not much changed, and the numbers are keeping me in the camp calling for further correction.

On an intermediate-term basis, the market is still overbought. The McClellan Summation Index has now rolled over for the Nadsaq as well as for the NYSE. About the only good news on this indicator is that, if the recent bearish action continues for another session or two, the indices will become very oversold on a short-term basis. At present, in order for the slide to halt in the NYSE McClellan Summation Index, the advance-decline line would need to reach plus 2700, and plus 4000 would reflect a very oversold market....327 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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