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More on New 20-day Lows and Overbought Volatility
By Rennie on Sunday, January 24th, 2010 at 4:04 pmOn Friday I mentioned that the NYSE McClellan Oscillator was set to close below the -200 level. While readings this low used to be a fairly reliable short-term buy signal, that reliability has faltered in recent years. Out of the last ten separate occurrences of a -200 Oscillator, all but one led to a subsequently lower S&P close within the next couple of days despite the extremely oversold conditions.
Another development also points to…
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