Chart of the Week: % of NYSE Stocks at 30 Day Highs

Looking at the issues on the NYSE (stock only) at 30 day highs, we find similar readings to the 2002 and 2003 lows. This confirms our previous oversold/bullish readings of 3 weeks ago.

% of NYSE Stocks at 30 Day Highs (April 2)

Source: Technimentals (4/2/04)

Technimental’s Kevin Lane notes: “We would expect the market to try and retest recent highs given these oversold readings. We will see if internals re-assert themselves or stay weakened, relative to their recent high readings. Lower readings on a test would set up for a classic breadth divergence and lead to a bigger correction than what we recently witnessed.” We agree.

Random Items:
Why Legendary Investors Are Drowning in Cash
How India is saving capitalism
Most US firms paid no income taxes in ’90s
Where Wealth Lives
Iran’s Role in the Recent Uprising in Iraq
On Wall Street: worrying about the $3 gallon

Quote of the Day:
“Little minds are tamed and subdued by misfortune; great minds rise above them.”
Washington Irving

Print Friendly, PDF & Email

Posted Under