This was from RevShark over at Realmoney.com around mid day during the worst of the selling:
After two failed bounces, we are now hitting new lows intraday. The extent of the carnage out there is mind-boggling. Almost 30% of the stocks on the NYSE are hitting new lows, and the percentage of stocks that are trading above their 40-day simple moving average is down to less than 8%. That level is very close to the levels we hit at the bottoms back in 2001 and 2002.
Really puts into perspective the level of carnage out there - the averages are NOT telling the story - it has been day after day of 8 to 2, declines to advances for weeks on end with just some minor rallies in between. I think anyone buying in here with new cash will be very happy in 3 -4 months, however, next week might be frowning :) or not! So many moving pieces, much of it out of the control of any sense of logic with the hedge funds so leveraged and unwinding - the extent still needed to be unwound is unknown.
It is very tough to subsist in markets like this where fundamentals are useless, but eventually there will be a return to a time 'things make sense'. Until then its mostly going to be emotion/liquidations/technicals. Generally the short term *IS* usually dominated by 2 of those 3, but this liquidation overlay gives this sell off an entirely different complexion.
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