We have fewer highs than we had on the run up in June when the Naz was 100 points lower, that is even more "telling" (g). We are setting a series of new highs on the indices while the new yearly high numbers in each peak keep declining from the prior peak, and that is the main message he was trying to convey.
Freep: Re: "It has to do with the action intraday, and how many stocks set new 52 week highs."
Agreed.
Re: "So of course on our day of the 50 point Naz reversal... a day that hit 30+ points higher than yesterday and set a new Naz high... we're gonna have more net highs than we did yesterday."
Agreed but so what. It was never my point to include yesterday.
Re: "You have to compare apples to apples, and you are not."
Disagree. The type of intraday action can influence the net new highs. If that gap and crap day held or extended higher the numbers would have been better. I have studied the intraday action and it seems to be true. More relevant now is how we do in this measure on the retest of the highs like yesterday and today.
Re: " I think it is more illuminating that we had fewer net new highs on that gap and crap day on August 22nd than we did on August 21st. That shows weakening leadership and is an apples to apples comparison."
Not the strongest comparison in my book but valid because of the impact of intraday trade patterns on these numbers. I like my comparison better.
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