Missing: Bulls
Friday, February 5, 2010 at 7:55AM UPDATE: Make that 7 for 7 now!
Yesterday the bulls went missing the bears had complete control over the market. The UpVolume/NY TOTAL Volume ratio was a .03.
This is the 7th time this has happened since 1970. But this has been a more recent occurrence. The last time this happened was on 11/27/09. Here was the post I made that day
Here is each occurrence of the .03 Volume ratio:
So now it has been 6 of 6 times the next day has been up after a .03 ratio day. November 29th the day after the last .03 was up. Breaking these numbers down more, 5 days after a .03 day the 4 out of 6 the market was up. 10 days after, 5 out of 6 were up and 15 days after 5 out of 6 were up. The only caveat is those few down days were rough with the smallest being almost a 2% drop in the SPX.
This volume ratio could signal that the decline is near for at least 15 days. Short stops should be tightened.
Volume Ratio in Market Internals