thursday im scared, page-126

Yes mongombolo. Hopefully, it's a sign of real capitulation very soon.

Here's a summary of the latest from EWI:

"Minor wave 5 down continues to unfold. The S&P 500 broke to a new low, as did the DJ Wilshire 5000, the NYSE Composite, the small and mid-cap’s, the Dow Transports and the NASDAQ. NYSE breadth was extremely strong on the downside, with a huge 16 stocks down for every 1 up. Today’s negative breadth actually eclipsed that of November 12, and is second only to the negative breadth on September 29, which marked the “kick off” to wave 3 down. NYSE down volume was a whopping 98.3% of total volume, making today yet another 90% downside day, a reference to an intense day of selling pressure. This downside intensity greatly diminishes the potential that wave 5 is tracing out an ending diagonal pattern since selling pressure should be subsiding as this particular pattern progresses. The wave structure indicates that wave 5 down does not yet appear complete, so our stance remains bearish."

My comment: given the intense selling pressures are not letting up, any capitulation runs the risk of a crash with NYSE circuit breakers coming into effect. I sincerely hope this is not the case but something is odd here when you consider the prevalence of premiums in the futures exhibiting great enthusiasm that a low "must be in or almost there". Perhaps things are different this time.