MCO update 3/17/08

Not much to say, the markets are oversold but in panic mode. The MCO suggests we could have a large bounce starting sometime in the next couple of days. The 10% Index is blown out on the downside, so whatever rally we see coming up should be followed by another retest of the lows. Until we get a sucessful retest, one where the 10% index stays above the -500 level then the trend remains bearish.

As for a bounce, the next cycle CIT is between 9:30 and 10:30 tomorrow Tuesday.

Click to enlarge

Also, CNBC should fire Jim Cramer.