New Lows Expanding (Uh Oh)

Do you remember how I showed you the two key indicators for determining when Big Money was actually being committed to the markets? They are “New 52-Week Highs” and “Percent of Companies Above the 200-Day Moving Average”.

I want to focus on New 52-Week Highs this morning, because there are currently 4 today.
Meanwhile, there are 211 New Lows today.

Here are some of the New Lows this morning (So Far).

Dow Jones Stocks (Past and Present)
General Electric, Proctor & Gamble, Walmart, Dow Chemical, Caterpillar, International Paper, Eastman Kodak

Transports
Southwest Airlines, UPS, Fedex

Other Important Names
MGM, Black & Decker, Nissan, Varian, Palm Harbor Homes, Newell Rubbermaid, Novartis, British Telecom, Hitachi,

Financials
Bank of America Preferred Series E
Bank of America Preferred Series L
Charles Schwab, XL Capital, Fifth Third Bank, Kansas City Life Insurance, Capital One Financial, Regions Financial, Suntrust Bank, Synovus Financial,

Mortgages
Encore Capital Group, American Capital, Capital Trust Inc,

Regional Banks
Huntington Bank, Hudson City Bank, Astoria Financial, Wilmington Trust, Provident Financial, Valley National Bank, First Busey, National PA Bank, Trustco Bank, United Community Banks, Dime Community Bank, MB Financial, Cobiz Financial, Flushing Financial, Harleysville National, Investor Bank, NARA Bank, Mainsource Financial, Northwest Bank, WSFS Financial, Independent Bank, West Coast Bank, Capital City Bank, Peoples Bank, Legacy Bank, LNB Bank, Community Capital, Bank of Florida, Sierra Bank, Southern First Bank,

The two Bank of America Preferred stocks making new lows today scares me. They are pricing in Nationalization of B of A. It may turn out that Obama delayed the enactment of nationalization by one week to give institutions a few extra days to sell some of their preferred holdings. We’ll know next week.

In the mean time, what I do know is the fact that the New Low list is expanding and including more and more important names. The markets are at critical support. They will have a tough (impossible?) time holding these lows if more and more companies break down on heavy selling by Big Money.

Remember, markets are just groups of many individual companies. As those companies go, so go the market indexes.