Monday, November 3, 2014

Brett Steenbarger on the recent panic correction

Brett Steenbarger - this rally surprised everyone. I know he went back to blogging in the past year or two, I didn't know he was actually providing market commentary. Consider your RSS subscribed to, Mr. Steenbarger.

The bottom chart shows the explosion of stocks making new three-month highs vs. lows across all U.S. common stocks. When looking at 52-week new highs/lows, that measure is the strongest we've seen since late 2013. This reinforces the earlier conclusion that the current market has been gaining strength, not topping out.

In short, the data support the notion that this is a fresh bull market leg, not a bounce in a topping market. If that is the case, we can expect further price gains, even after momentum has crested. I will be tracking the above measures and others to update the rally's trajectory.
This is awesome, reading this guy instead of that clown Josh Brown.

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