Kevin Lane of Technimentals notes that the 10-day MA of the % of NASDAQ issues reaching 30-day lows (green line) is starting to turn up.
% of NASDAQ issues at 30-day lows
click for larger chart
Source: Redwood Technimentals
Lane warns that “Any acceleration in this line would lead to more corrective action, particularly if it worked back above the 11 % level (black line) as it would suggest a mean reversion towards the mean level @ 20%.”
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Quote of the Day:
Press on. Nothing in the world can take the place of persistence. Talent will not: nothing is more common than un-rewarded talent. Education alone will not: the world is full of educated failures. Persistence along is omnipotent.
–Calvin Coolidge, Thirtieth U.S. President (1923-1929)
