We often get these "false" breakout, actually more often than not they occur near local tops (view the 5/22/ 2001, or even better the Autumn of 2000, as well the March and 8/22 tops last year. All of them were characterized by lack of expansion of new highs, excessive reading in the number of stocks above their 10 DMA, and what is lacking now, excessively low equity P/C ratios (and a number of posters have mentioned that last months saw unusual activities in that ratio to make it less valid as a general indicator).
Zeev
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