Zeev's Turnips Patch-No Politics (ZEEV)

[pstuartb]

At last month's naz low only 11 stocks had new highs, which is the same as the October 2002 bottom. After the May low, it went up to nearly 100, then backed off, similar to the action we saw in Nov-Dec 2002.
http://stockcharts.com/def/servlet/SC.web?c=$NAHGH,uu[r,a]ddclyyay[de][pb50!b200!f][vc60][iut][J1755...

Considering the hit that indicator took recently, it seems to be recovering normally.

Also, look at the percentage of naz stocks above their 50dmas:
http://stockcharts.com/def/servlet/SC.web?c=$NAA50R,uu[r,a]ddclyyay[de][pb50!b200][vc60][iut!ub14][J...

The October-December 2002 bounce peaked at 80%, like the bounce that ended this last January. The corrections in this indicator that followed both peaks are similar in duration and depth, though the decline that just ended was a little more severe. The bounce on that indicator since mid-May is similar to the bounce in mid-March 2003, so it seems to be recovering normally too.