The First Dip

The first dip lower is usually bought and today's gap down opening was no exception. We will be maximum overbought at the end of the day and the ISE equity reading is over 300. I can't remember the last time I saw that. Cuidado.

3 comments:

PJ said...

You haven't seen it because it's never happened. Highest ever was 280.

Last 2 times it was above 250 -- Oct 29, 2007, and Oct 8, 2007.

Onlooker said...

PJ

I'm sure that's on a closing basis though, right? It might have hit 300 intraday before though. Unless you've got some intraday data that shows this. But looking at the ISEE graph data available I see what you're talking about.

It's friggen high though, that's for sure. Caution, for sure.

PJ said...

Yes, that's based on closing data, so it might have been this high intraday.

But, we are through most of the day already, so I think it's a fair comparison. Ratio 304 at 12:30.