Daily Market Brief

Squeezing Water from a Stone

stone$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:

NDX 50


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4 replies »

  1. Ignore the garbage commentary, Northie. Following you for over a year and most of us know what you stand for. Ignore these twitter haters – they always emerge when they are losing. You are doing a great job and folks like me thank you for the free content you give us when you don’t owe us anything! Thanks and best of luck.

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