90% Down Day & McLellan

According to my home-brewed indicator, today was a 90% Down day (meaning 90% of overall stocks were down). Although not as significant as 90% Up days according to the creator, we had one today and one on 1/14/09, which was the first since 12/1/08. However, that was a blip as there were two 90% Up Days the week before which is a good sign the market is about to rally (which it did).

The McLellan Summation Index has also rolled over a bit. Although it could reverse, my feeling is it's not going to happen. (It just briefly turned positive since going negative in June '08.)

The McLellan Oscillator also reached over 300 the first week of January, which is a sign the market is overbought and most likely to take a breather (or correction).

One last little tidbit is there is also a strong 20/40 week cycle coming into play. The various dates I used had a cycle "hit" from about 1/11/09 to 1/23/09 as setup in my Google Calendar as a reminder. Kind of strange it just happened to be around inauguration day!?