News Reality

Stocks Melt Up? Not So Fast

by www.forbes.com
he stock market surprised many by opening strong Monday and closing with nice gains. On the NYSE there were 2159 stocks advancing and just 848 declining. In my weekend Forbes article "The Week Ahead: Overvalued Or Not - It Still Could Be A Tough October" I noted that "Stocks needed a strong close last week with good A/D numbers to signal a new rally phase was underway but this did not happen. A sharply lower close this week will turn the focus on the downside.." When the daily NYSE, S&P 500, Nasdaq 100 and Russell 2000 advance/decline lines made new highs on September 22nd there was the potential for stocks to start a new rally phase. This would have been consistent with the bullish action from both the weekly and monthly A/D lines. This required strong A/D numbers last week but instead they were not that impressive even on up days.
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