July 1, 2008 -- At yesterday's close, Lowry's Buying Power Index (demand) and their Selling Pressure Index (supply) were at their widest spread, 483 points, in the 75-year history of Lowry's. This means that stocks are extremely oversold, yet evidently NOT oversold enough to entice the big buyers, the institutional buyers, to rush back into the stock market. This tells us that the market must drop even lower before the big money is ready to enter in any major way.
This is from Richard Russell's Daily Remarks. Isn't it interesting that Lowry's started in 1933? He thinks stocks are oversold. I think they're overbought. Oversold from a technical perspective, but overbought from a fundamental perspective. Fundamentals always trump technicals, however. I wonder what Eric King would say about this assessment. I think james Dines would say the Mass Psychology trumps them both. And he would probably be right. Marc Faber would say that 75 years means nothing, and I think the Lord Almighty might echo those sentiments.75 years is a very short time. Not for a hamster, but for a law of economics, yes. Try to not think like a hamster. Bull

p.s. The big money won't be buying in for quite awhile, because those who will soon have the big money, don't have it yet. And those who have it are about to lose it.