Did you see how many stocks made new lows this week?
It wasn't many.
When you look at how dramatic people have been about a few stocks selling off a little bit, you would think that an actual correction might be taking place in the market.
But if you thought that humans act logically, then you clearly don't know humans.
Irrational behavior is actually the only thing that the market guarantees. And you saw it again this week.
I mean, you didn't even get an expansion of stocks making new lows!
This was nothing.
All you have to do is go and count. You'll quickly see how the new 52-week lows list is almost non-existent. In fact, you saw fewer new 52-week lows on the NYSE this week than you did in early August.
But if you look even shorter-term, say new 3-month lows, you didn't seen any sort of expansion there either.
Look at the total new 3-month lows among Large-caps, Mid-caps and Small-caps.
Nothing...