Over the intermediate term, market risk has made its first
significant shift in quite a while: it is moving from a neutral/bearish posture
to a neutral/bullish position.
Nasdaq 52 Week High Lows
As seen above the 52 week new high-new low index (orange
circles) is at levels that in the past few years have marked
interim lows. Given the lack conviction in the new high-low
index now versus 2003 (when things were just getting started) the market still
has work to do to prove this current oversold rally attempt is significantly
more than that.
Quote of the Day:
“People’s spending habits depend more on how wealthy they feel than with
the actual amount of their current income.” –A.C. Pigou