Rick, here's some commentary re: yesterday -- from Rev Shark on realmoney.com
Rotation Behind the Scenes
12/16/03 04:26 PM ET
"This was another day in which the major indices don't tell the full story. What we saw today was continued rotation away from some of the momentum favorites and into industrials, oils and financials. The NYSE had very good breadth, with 1,900 gainers to 1,368 losers, and there were 196 new highs. The Nasdaq had 1,552 gainers to 1,622 losers and only 88 new highs.
To test the hypothesis that traders are selling and/or avoiding the recent momentum favorites, I pulled up all stocks that have an IBD ranking of 80,80 and A or better. There are 177 stocks on that screen. Only 67 were up on the day, with seven up more than $1. Of the 110 that were down on the day, 29 were down more than $1. Ergo, if you were invested in the group of stocks with the best IBD criteria that momentum traders tend to favor, you lost money today."
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