Zeev's Turnips Patch-No Politics (ZEEV)

[gtober]

Zeev, I think the Dec. highs are still valid, even though the COMPX breached the closing high of the December rally.

Here is a question. Of the 187 stocks that hit new 52 weeks highs on the Nasdaq today, only 7 had volume in excess of 5 million shares. And 3 were the same company. (UASI, EXPE, ROOM) Is the $NAHL indicator any less valid if there is no leadership in the new highs list? No big dogs. By my count, less than 10% of the stocks that trade in big volume are making new 52 weeks highs.

For myself, while I feel like I am denying the obvious in the price action, this still looks like a bear rally to me. Rising wedges on contracting volume. (the DOW printed a breakout, but volume certainly did not confirm) Money flow bearish divergences. Bear market patterns of friday ramps and the running of the crap near the top - etc.

And heck, even if it is a bull market rally, it's about spent anyway. I do look forward to the trend reversal when it comes.

GT