Trader’s Narrative

Since the first week of the month, I’ve been waiting for a 90-90 up day, as defined by Lowry’s research. If you haven’t, make sure you follow the link to the report for all the details.
It certainly took its sweet time but we finally got it yesterday.
Here are the numbers:
On the NYSE, advancing issues were […]

I was unavailable yesterday due to travel. Thanks for the kind messages
Yesterday the market tumbled on sustained selling which according to the pundits was due to the release of low consumer confidence numbers by the Conference Board. It was the largest drop and the lowest reading since September 2005 which was right after […]

As I alluded to in the weekly sentiment review, the bears - or rather, the permabears - have been saying that this rally has been built on a shaky foundation because of the lack of volume.
This in spite of record shattering daily volumes during the deepest and darkest days of the sell-off. And in spite […]

Eventhough I still think of this as another bull market correction, I bemoaned the lack of real fear in the market. Now, this final puzzle piece seems to be falling into place.
Panic T-Bill Rush
Among the strongest signs of real fear in the market is the mad dash to the safe harbour of risk free […]

Last Thursday, Barry Ritholtz wrote in The Big Picture about two data points sent in by Doug Kass:

• The cash positions in mutual funds stand at 3.8%, slightly below the 3.9% low established in 1972.
• Margin debt as a percentage of the S&P market cap has […]