The GMI and GMI-R remain at zero. There were 11 new highs and 113 new lows in my universe of 4,000 stocks on Friday. Most noteworthy, IBD says that the Investor’s Intelligence Survey indicates that about the same percentage of advisors are bearish as bullish (35.6/36.7). It is rare that there are as many bears as bulls. The last time it happened was near last summer’s bottom. Is this the bottom? You know better than to ask that! The key is that as more people become openly bearish, we get closer to the end of a decline. Note that the Worden T2108 indicator is 36%, still in neutral territory.