We so often hear or read that stocks climb a wall of worry. Anytime the balance tilts one way, odds grow that it then tilts the other way. Short interest can serve as an example. If too many market participants … Continued
One consistent theme the last several weeks on this blog has been that of divergence. In a healthy market, things tend to – or are supposed to – move in unison. Simplistically, let us say a widget is in production. … Continued
NYSE margin debt shot back up in June, surging 5.9 percent month-over-month to $464.3bn, just a touch below February’s all-time high of $465.7bn. This follows a down March and April and flattish May. In recent months, action on the Nasdaq … Continued
Short interest continues to inch up. By June-end, Nasdaq’s went up 0.6 percent period-over-period to 8.9bn – highest since end-September 2008 – and NYSE’s edged up 0.7 percent p/p to 14.6bn. What is going on in the Naz in particular … Continued
In many ways, this cycle has been like none other. Equities continue to grind higher. Multiples (valuation) continue to expand. The Fed continues to provide support – both monetary and verbal. Equity bulls continue to throw the caution flag out … Continued
The S&P 500 acts well. Since it found support at its 150-day moving average early February, it has appreciated 12 percent – that is in four months. In the process, it now has carved out support levels at 1900, 1885 … Continued
Nasdaq stocks are attracting some bids. As has been the case for so long, volume continues to remain uninspiring, but price action overrides all. For now. The index has managed to trade north of its 50-day moving average, and has … Continued
NYSE margin debt declined slightly to $450.3bn in March from February’s all-time high of $465.7bn. This is a minor drop, but going by the two major previous peaks this millennium, this has the potential to be an important reversal in … Continued