NYSE put in 22 new 52 week highs at the close on Wednesday. That is 4 more than Tuesday but a far cry from the over 300 we were putting in at the front end of the month, but strength grows from weakness and this and the 10 day high minus low are the best bottom picking indicators that I know, I have tested and I have worked with. We mentioned in yesterday’s post about the upward stair step that was developing in the NYSE and we added another day to that putting in 4 stronger days in a row despite some pretty drastic price action.
I was encouraged enough to add to some longs today at the close. I have mostly been day trading waiting for a sign. While most everyone was disappointed in today’s close I was actually quite pleased. First because I was day trading and managed to keep most of my gains. The second reason I will discuss more in my morning post.
