Chart of the Day
The McClellan Oscillator is a breadth-based, intermediate-term indicator. It can also be used for short-term timing when it bottoms in oversold territory. Invented in the 1960’s by Sherman and Marion McClellan, it has been called “one of the most useful analysis tools in existence.”
Source: Hays Advisory
The Nasdaq McClellan Oscillator is getting towards, but not quite at, the oversold levels associated with sustainable bounces. The NYSE McClellan oscillator (not shown), is not nearly as oversold.
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Quote of the Day
“We’ve lived through two years of corporate and financial scandals now, passing through almost every industry on Wall Street, from energy trading to accounting fraud to the rigging of initial public offerings to mutual funds sales and trading. What does it say about society when only the lawyers are clean?”
–Dave Callaway
