Wednesday, August 15, 2007

The Damage Board


Below is the chart I keep to track the current correction.  The end of this week will mark week 5 since we topped.  Most of the indexes, except for the SP500, NAS, and DOW have now reached the 10% correction level.  The SP500, NAS, & DOW are now 3/10th, 3/10th, and 1.5% away from reaching 10%.  Considering the market is at oversold levels and everyone was looking for a 10% correction, there is a good chance that a relief rally is in order.  The bad news, nothing really setup to the long side, so nothing to get excited about.  The good news, we need the relief rally to allow stocks to rebuild their bases. 
 
8/15/2007  Correction   Correction Levels 
Index  52 WKH   Start   Length   Low  % 10% 15% 20% 25% 30%
Dow Jones Industrial Average  14,021.95 07/17/07       4.40  12,834.24 -8.47%  12,619.76  11,918.66  11,217.56  10,516.46  9,815.37
Nasdaq Composite Index    2,724.74 07/19/07       4.00    2,457.89 -9.79%    2,452.27    2,316.03    2,179.79    2,043.56  1,907.32
NYSE Composite Index  10,238.25 07/13/07       4.80    9,079.93 -11.31%    9,214.43    8,702.51    8,190.60    7,678.69  7,166.78
Russell 2000 Stock Index       856.48 07/13/07       4.80       743.39 -13.20%       770.83       728.01       685.18       642.36     599.54
S&P 400 Midcap Index       926.67 07/13/07       4.80       818.95 -11.62%       834.00       787.67       741.34       695.00     648.67
S&P 500 Index    1,555.90 07/16/07       4.60    1,404.36 -9.74%    1,400.31    1,322.52    1,244.72    1,166.93  1,089.13
S&P SmallCap 600 Index       445.82 07/17/07       4.40       394.83 -11.44%       401.24       378.95       356.66       334.37     312.07
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