$TRIN reaching 5.0 today 5/7/10

[Bolimomo]

Today $TRIN reached 5.0 - corresponding to the morning sell off at around 10:30 am EDT.

$TRIN above 3.0 is considered very bearish and is rare. Even at yesterday's sell off $TRIN was only 3.0. I don't recall seeing $TRIN being 5.0 though I may have missed some.

For those of you who may not know, $TRIN (Arms Index) is the ratio between advancing issues and declining issues on NYSE divided by the volume. Normal range for a normal day is 0.7 to 1.5 or so.

http://www.investopedia.com/terms/a/arms.asp

TRIN stands for TRaders' INdex. Investopedia explains Arms Index - TRIN
A ratio of 1 means the market is in balance; above 1 indicates that more volume is moving into declining stocks; and below 1 indicates that more volume is moving into advancing stocks. This indicator was developed by Richard Arms.

(My chart is on Pacific time)