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I posted a comment over at Dinosaur Trader earlier today when I had some free time at work. Sometimes it's hard for me to get a post up on Mondays and Wednesdays because I have work and school and tend to get home late. Anyway, check out that post and the charts above. I found one BP chart that goes back to 1987 and stops in early 2008. Today the NYSE Bullish Percent Index is even lower than it was at the beginning of '08, as shown in the first chart. Although the volume was not as strong as I would like it to have been, today could definitely be a reversal day if interest rates are cut and poor earnings are already priced in. Many gap downs occurred today, setting up many stocks for what appear to be a bullish hammer, or, in some cases, a morning star. The VIX also made record highs signifying a possible bounce (yes, I love the site VIX and more). In any case, today was a monumental day in that we broke through the 10,000 level on the DOW. As the Big Picture said about the best investment ever, "It is those 'Dow 10,000' hats CNBC got for all the on air anchors way back in 1999. They sure got a whole lot of use out of them."
Good trading. Good luck.
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