Is The Market Getting Overbought?
Today was another solid day. Breadth was very strong also. But one of the things I would highlight as a slight concern is the number of new highs on the NYSE.
We had 384 new highs today, quite a number. The last time we saw this many highs, we were about a week away from a short-term market top. Now, I'm not saying that anytime the new highs hit this level, that you need to sell. Just that we might be getting a tad overbought in the short-term.
Small and mid-caps really led the way today (+0.9%), while the COMP was +0.2% and the NDX was actually negative.
Tomorrow morning we get the always overanalyzed payrolls report. I'm betting that we come in a little below the 150k consensus. Should be fun...rest up.