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Here's our market view on American stock market for 16th October, 2008
Stocks sold off sharply yesterday and the major averages have given back more than two thirds of the advance from last Friday's lows to Tuesday's highs.
The session got off to a bad start as investors began to react again to economic news: specifically, pre opening, the September retail sales and October Empire Manufacturing index were disappointing and stock futures sold off.
Pressure on the market came throughout the session on light volume in what we think was a classic buyers' strike after the significant volatility the past few sessions.
Many market participants were just content to stand aside and let the dust settle. Adding to the selling pressure was further second guessing of the government's rescue plan that we spoke of Tuesday carrying into yesterday's session.
The CBOE Volatility Index, the VIX, rose more than 14 points to 69.25, just shy of its record close reached last Friday at 70. The CBOE NASDAQ 100 indicator reached a new new record close at 72.93.
The number of bulls in the Investors' Intelligence survey fell to another multi-year low at 22.4%. The internals of the market were overwhelmingly negative: NYSE issues 8/1 negative and 97% of the volume to the downside. NASDAQ issues were 6/1 negative and 98% of the volume was to the downside.
Based on the extreme fear and dramatic sell-off on big volume last Friday, we believe the market has probably seen its lows for this bear market but a full retest is underway. Today - Worldwide markets were down overnight and U.S. stock futures are signaling flat to lower opening. Today will be a big test for the market.
ThePowerStocks.com Team
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