What bull market?

Distance From 52-Week High Across NASDAQ StocksWith about 30 minutes until Wall Street’s closing bell rings the Dow is up triple digits and thisclose to notching its first record close since July 16.  The S&P 500 is trading right around 2000 and within a fraction of a percentage point of its own historic high. Yet a whopping 47% of stocks that make up the tech-heavy Nasdaq Composite Index are sitting 20% or more below their 52-week highs. Plus, last week the small-cap Russell 2000 Index moved under both its 50-day (intermediate trend) and 200-day (long-term trend) simple moving averages.

♦ Please note that my readings will change without notice,  so please don’t buy or sell solely based on anything you read in this blog. ♦

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