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Chart of TICK - Daily Interval

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Dow Jones Chart - Daily Interval

Scrolling a chart back to 2001, one can see that the TICK also set multi-month lows on March 22nd and September 19th. These extreme readings accompanied capitulation events, and a broader market rally took hold shortly thereafter.

Chips Ahoy

With both Merrill Lynch and CSFB slashing their estimates on INTC this morning, it wasn't surprising to see shares of the chip behemoth sink to new multi-year lows. The SOX.X followed suit and abandoned support at 282 shortly after noon today. Bargain hunters have emerged over the past hour, pushing the index back to the 290 region. Current sector losers include AMAT (-4.0%) and NSM (-1.4%)...The latter of which reported disappointing earnings on Tuesday night.

In breaking news this afternoon, Internet bulls may see some relief on reports that AMZN has had its debt rating upgraded by Moody's. More positive news has surfaced from the BUD and GM camps, who both raised full-year guidance.

Financial-related issues are stabilizing on reports that UBS

might be interested in making a bid for MER. The overall market also seems to be finding a bid, with both the NASDAQ and Dow Jones currently trading near the best levels of the day.

Kent Barton
Option Investor

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