This is a very good comment from Steven Smith at RealMoney.com:
Not bad Enough to be Good 3/24/03 04:05 PM ET
The internals are decidedly bad. Losers are outpacing winners 3.2 to 1. Down volume is running at 93%. The last time we saw that level of selling, it marked an intermediate turn in the market. But as Aaron pointed out back then, these days and numbers can't be taken in isolation and it usually takes several consecutive readings of a majority of the components to indicate a bottom. And unfortunately we just don't have that confluence of events. Overall volume looks extremely light with just 1.2 billion shares trading on the NYSE with less than 30 minutes to go. The put/call crept up to 0.92 but failed to cross 1 at any point today. The VIX rose but is still hugging the 35 level. Still it's good to note when one side of this Rubik's cube of a market flashes the same color.