Additionally, 10 of the top 15 institutional shareholders (who one could argue know the company better than anyone) have all upped their holdings in their most recent reported holding filings.

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As seen in the attached 31-day cart of the Dow Jones we see the index has recently set higher lows but has also set lower highs. These  converging peaks and troughs highlighted by the red lines suggest a resolution of this trading range is coming soon.  Given the host of sentiment indicators that suggest we are at a bottom we would expect this range to resolve itself to the upside  A move back above Friday's peak near 9,281 would be a bullish confirmation.

As seen in the above monthly chart MDT (FusionIQ Master Score 26 out of 100) shares are on the verge of a big collapse if they close below $ 35.00 as this would be a major breach of support (red line) after breaking its long-term uptrend (green dashed line).  Now there may be an attempt to hold or bounce it from support but any sustained time below $ 35.00 opens prices to $25.00 (black line) then ultimately a longer term target of $ 14.00 (blue line).

Following up on yesterday's sentiment piece which detailed how investors are under-allocated to stocks and over-allocated to cash relative to their 21-yr respective mean allocations, the futures bumped early n the AM after a globally coordinated central bank rated cut was announced. Presently the futures are giving up that early morning strength.  That said we still believe that investors aren't fearful enough and that the coordinated easing will be perceived as a sign of just how bad things are - we think we need one more purge to wash out all the sellers.

However dont' be in a rush to find the bottom  as they tend to take longer times to form (lasting ones) as the attached image below shows the S&P 500 took 9 months in 2002 to complete its bottoming process. Next support comes in at 950 on the S&P (black line) then 932.