Chart of the Week: MACD of NYSE stocks

Percentage of NYSE stocks on weekly momentum buy signals peaked in May of ’03 and stands lower now even though the index is at higher levels.

% NYSE Weekly MACD Buy (Stocks Only)
This suggests we are pretty far along in the cycle, and that this is a higher risk buying juncture than at MACD lows . . .

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Quote of the day
“All economic movements by their very nature are motivated by crowd psychology . . . Without due recognition of crowd thinking (which often seems crowd-madness) our theories of economics leave much to be desired.”
Bernard Baruch

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