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Just What The Bulls Ordered
Posted on 01/23/2007 11:16:00 | Link | Post Comment
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.
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.
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