$FB earnings were great and key stocks from $INTC to $AAPL, $MSFT, $GS etc. have had an amazing run. But the rally is narrowing to fewer leaders. High cap stocks have been leading this latest advance but the advance is turning into an exercise of trying to squeeze water from a stone.
Specifically the internals suck. One of the key indicators I’ve been following: The percentage of stocks above their 50MA. And despite new highs that number has been shrinking. Not a sign of underlying strength: