Near panic-like selling of NYSE stocks contrasts with apparent dip buying on the Nasdaq
While the selling of stocks on the New York Stock Exchange appears to nearing panic-like levels, the activity on the Nasdaq exchange suggests investors may be more interested in buying on the dip. The NYSE Arms Index, which is a volume-weighted breadth measure that tends to rise above 1.000 when the market is declining, has spiked up to 1.812 in afternoon trading Tuesday. Meanwhile, the Nasdaq Arms has dropped to 0.464. Many Wall Street technicians say an Arms reading above 2.000 implies panic-like selling, while a reading below 0.500 actually implies panic-like buying. The S&P 500 SPX,
