Pressure Under the Surface
Strength in Google (GOOG), IBM (IBM) and Apple (AAPL) is covering up mixed action under the surface. Breadth is running negative and small-caps, which have been leading lately, are lagging. There isn't a rush for the exits, but there is some profit taking.
Even the bulls are starting to talk about this rally becoming a bit long in the tooth. Rallies in the last year have averaged about 10 weeks. One of my favorite indicators is T2108 from Worden Brothers. It shows the percentage of stocks above their 40-day moving averages. It is hitting 85 right now, which is the highest level since last January....108 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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