Securities Research Services

Wednesday, November 12, 2008

Slip Slidn' Away

What is significant about the market here is the fact that more than 300 heavily traded stocks have already closed below October lows. If the current trading range were a bottoming base we would expect to see market leaders breaking out to the upside, not the downside.

In fact, the only stocks seeing significant buying interest are the recession stocks like NDN.

Meanwhile, major retailers are trading at 52-week lows and oil and construction oriented stocks are down their with them.

It appears as if we are headed for another washout low before any significant buying interest reemerges.

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