Chart of the Week: NASDAQ 100 Net 52 Week Highs/ 30 Day Highs

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.


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Quote of the Day:

"Those who realize their folly are
not true fools."


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What's been said:

Discussions found on the web:
  1. spencer commented on Oct 3

    The truth about oil is one of the best short summaries of the oil situation I have ever seen.

  2. hela commented on Oct 3

    I think it almost certain that the dollar will be less of a central currency since simple diversification suggests a more balanced mix.

    Certainly new technologies far more easily support multiple currencies.

    One potentially strategic threat is Iran’s plans to put in place an oil bourse next year. I strongly suspect the next decade will see an increasing number of rivals to existing world trade mechanisms. Obviously other places would like to get the percentages currently going to places like New York and London. This would mean significant loss of wealth and power.

    Related to the oil bourse affair Iran seems to be in increasingly close alliance with Russia and China. It is possible that it will be admitted into the Shanghai Cooperaton Organization which also includes 4 central Asian nations, places responsible for much of the potential “new oil.” Coupled with the fact that a likely outcome of our splendid little war is to hand Iran a close ally called Iraq we do see potentially significant strategic shifting.

    Coupled with another likely outcome of our perpetual victory is continued and likely increasing tension between Sunni and Shia in Iraq. Saudi Arabia and Jordan have already signaled that they are deeply disturbed and this could quite possibly develop into a new Kashmir or Palestine, an issue which rallies Islamic nations. The consequences to the United States may be significant as popular pressure pushes regimes like those of the Sauds to become more distant from the United States and to develop or join other economic systems.

    I think there is little doubt that the Chinese and at least some European nations desire if not replacements for Bretton Woods 2 at least alternatives and supplements.

    So I suspect we may see a truly competitive world financial system develop in the coming decade. This is likely to be shattering to a number of our elites. The ploitically minded seem unaware of how much of our power is vested in the current system.

  3. Barry Ritholtz commented on Oct 3

    Spencer —

    I agree

    (thats why I linked to it !)

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