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Chart Of The Day

26% OF STOCKS NOW ABOVE 50 DAY MOVING AVERAGE

Yesterday’s crash brought the number of stocks above their 50 day moving average at the NYSE to just 26%.  This has proven to be a relatively reliable buy indicator in each of the last three market sell-offs.  However, a longer perspective shows that this indicator fell much farther in the 5 sell-offs that resulted during the credit crisis.  Is this sell-off just another hiccup during the continuing bull market or this is truly a return of the credit crisis and just the beginning of another brutal sell-off?