Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
Recent Articles By The Author
One reason is because it takes that long to convert the bears to bulls.
The Utes were up more than the QQQs.
Perhaps after the big cap tech earnings and the Fed this week we'll see more folks back in the pool.
We have to worry now that folks will chase Apple and if they do that breadth, which has been terrific, could falter.
It hasn't come down enough for me to think we're oversold, so I call it working off the overbought condition.
A week ago Thursday the S&P 500 closed at 2,635 and yesterday it ended the day at 2,642.
When you get a spike in the number of new lows it gets tested at some point.