It’s past midnight and I am watching Bloomberg’s coverage of the Asian markets which are doing quite well by the way (Nikkei is up 3% as I write this). They just had an analyst/technician on who said that the market is looking really good on a technical basis. That’s his perspective and I respect his opinion or at least his right to have an opinion. However, saying that the market as a whole could go from being really bad two days ago to really good now is tough for me to accept. Maybe the difference comes from the contrast in my methods and the approach of many analysts who opine on the market. Typically, they are looking at technical indicators of a singular market composite or index such as charting the Dow or the S&P 500. I do that too, but it’s a minor component of my analysis. When I discuss the strength or weakness of the market, it is based upon a composite of all the technicals on each of the 3,000+ stocks I cover. To me, the market isn’t a singular picture - it’s a composite image of 3,000 small dots. Right now, those dots are mostly weak and until that changes, I won’t be saying the market is looking really good on a technical basis.