Zeev -- I do see that the net new highs aren't increasing at new Naz highs. That's a valid point, and not a bullish one. My point was simply that Justa took a snapshot that had nothing to do with that: he matched the same level and skipped the new high in between which, logically, would make a difference. That's all. I'll leave this, as I have no bone to pick with the overall point, just with the specifics (and I think I've beaten it into the ground at this point! <g>).
The lack of leadership issue, in general, is one I watch. To me, the two most bearish things for the market right now are AMGN dealing with a H+S on the dailies (as AMGN goes, so usually go the bios), and the Banks inability to mount any sort of rally (and as the banks go, often goes the S+P). Now, neither banks nor bios have done anything bearish yet, and if they reverse to the upside, I think we get new S+P and Naz highs. But they haven't done so...so I keep on watching.
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