A Fake-Out Breakout
For anyone who believes we saw a high-quality rally on the first day of trading year, please step forward. Just so you know, the laundry list of what wasn't good about it is longer than the list of positives.
Let's begin with the number of stocks making new highs on the NYSE. The number came in at 202 Tuesday vs. last week's impressive 213, even as the S&P 500 jumped past its highs from last week. This is not to say 202 is a bad reading. But, on up days, we want to see new highs expand rather than contract....436 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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