Tuesday 5/18/10 wrap up addendum

In addition to the thoughts in the prior post, here's a chart that adds to the bullish argument. It's actually out of an Excel spreadsheet and is based on NYSE data that I've been keeping for quite some years.  The green line is daily NYSE closes, and the blue is the study.  The study is 30 days NYSE up volume/total volume, if the NYSE closes up on any given day the total volume for the day gets counted as up volume, and total volume is just that for the 30 day period.  As you can see, we are currently at extreme oversold levels on on this study, and you'll note that these levels have always led to a bounce at the very minimum.