Monday, December 04, 2006

Just What The Bulls Ordered

Nice snapback rally. After last week's downside, I thought the markets would consolidate for awhile before attempting another stab at new highs. But today, the SPX broke to a new multi-year high.

Just goes to show you, in the market-- anything can happen at anytime. I think those sitting and hoping for a pullback are getting very nervous.

One of the bears' arguments is that the number of new highs in the market has been contracting. Scratch that one off the list today as well. There were 475 new highs on the NYSE! And only 6 new lows. That is some strong breadth.

Volume didn't surpass Friday's levels, but it was still a nice showing.

2 Comments:

At 2:02 PM, Blogger Huen said...

Where can I find the number of new highs / new lows on the NYSE?

Thx.

 
At 3:19 PM, Blogger J. Kahn said...

Quickest place is on Yahoo!Finance. Just click on Today's Markets or Market Overview for a nice snapshot on market breadth for the NYSE and Nasdaq.

-JK

 

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