Market Statistics
All the major markets remain down double digits off their recent highs made in 2007. The NASDAQ and S&P500 were down over 20% on an intaday basis at their worst while the DOW managed to "only" fall 19.4%.
S&P 500 Chart
(Using Intraday prices):
Last Market High 10/11/07 at 1,576.09
Last Market low 03/17/08 at 1,256.98
Current S&P500 Price 1,358.39
Decline in Pts 217.70
Decline in % 13.8%
Max Decline 20.2%
This means the correction from intraday high to intraday low is 20.2% and we are currently 13.8% off the peak.
The decline from the high to the low on a closing basis is 18.6%
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DJIA Chart
(Using Intraday prices):
Last Market High 10/11/07 at 14,279.96
Last Market Low 01/22/08 at 11,508.74
Current DJIA Price 12,528.00
Decline in Pts 1751.96
Decline in % 12.3%
Max Decline 19.4%
This means the correction from high to low has been 19.4% and we are currently 12.3% off the peak.
The decline off the high on a closing basis has been 17.1%
NASDAQ Chart
(Using Intraday prices):
Last Market High 10/31/07 at 2,861.51
Last Market Low 03/17/08 at 2,155.42
Current NASDAQ Price 2,330.77
Decline in Pts 530.74
Decline in % 18.5%
Max Decline 24.7%
This means the correction from high to low has been 24.7% and we are currently 18.5% off the peak.
The decline off the high on a closing basis has been 24.1%
Bob Brinker:
On January 04, with the 60-DMA of the put/call ratio at a then record of 1.00 and the S&P500 closing the day before at 1,447.16 , we reported here that Bob Brinker said this was bullish.
In his January Marketimer, Bob Brinker reported:"The 60-day put/call ratio remains in bullish territory as the new year begins."
Brinker remains bullish, does not expect a bear market (as defined as a 20% or more decline in the S&P500) and he looks for new highs to be made in the year ahead.
Click charts courtesy of stockcharts.com to view full sized images
Brinker was so bullish then that he had a Lump Sum Buy for the market in the mid 1400s.Read:
- Wednesday, December 19, 2007:
Bob Brinker's Mid 1400's Buying Opportunity
On an intraday basis, the S&P500 declined 20.2% and has recovered to be "only" down 13.8% from its peak level as of today.
For more information, see Technical Analysis: Sentiment Indicators
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Click to view the attached (but slow to load) PDF file: Take Profits & Sell Sentiment Indictors from The Market Top.
If you want to know what I have been buying in this period of weakness with my profit taking dollars from selling when the market was higher, Subscribe to Kirk's Investment Newsletter TODAY and get the April 2008 issue FOR FREE!
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