By Lawrence G. McMillan
...The equity-only put-call ratios have rolled over to sell signals, and that is a major technical factor, in my opinion. Technically, the standard ratio was not yet a “confirmed” sell signal, but it likely will be after today’s numbers are posted.
Breadth is abysmal today, and declining volume is outpacing advancing volume by 20-to-1. Thus it is quite likely that this will be another “90% down day” – the third one in the last four days. That creates an extreme oversold condition that should lead to a strong up day very soon – probably tomorrow or Wednesday. However, that will not change the bigger picture...
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