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    « Bullish Cross | Main | 11/17 Sell Signal »
    Monday
    Nov282011

    Deeply Oversold

    DateMonday, November 28, 2011 at 6:40AM

    The Piker Indicator is showing a deeply oversold condition with a negative -7 reading on Thursday.  It has since moved back above negative on Friday.  But this does not happen often and is very oversold short-term.  The last time this occurred was in August, before that it was during the flash crash and one other time before the 2007-2009 bear market.  (Caveat to this data is that TOS only lets the PI go back to 2006 for the PI data, so we don't have a large sample set)

    Looking at this in a historical perspective you can see that after a negative reading the market does rally but new lows have happened each time.  This would make sense with the current market conditions and my own personal theory that the market will rally into the year end but longer-term the market is not looking bullish. 

    AuthorPikertrader | CommentPost a Comment |

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