The # of Net 52 Week Highs (52 week highs minus lows) is
barely positive, but as shown below, the strong bull market of 2003 produced
readings much stronger than present. This is both reflective of the lack of
market direction and the waning participation in the longer-term bull move.
NASDAQ 100 Net 52 Week Highs/ 30 Day Highs
click for larger chart
At the same time, the NASDAQ 100 index is forming higher
lows. This implies the markets can rally somewhat higher — but the A/D line divergence indicates
fewer stocks are participating in the up-trend.
Quote of the Day:
"Those who realize their folly are
not true fools."