While the DOW kept moving into new highs in early October: Amazingly, new yearly lows picked up. A who’s who of industry were hitting new yearly lows…again, all while the DOW was hitting new highs. HOUSING, HOUSING-RELATED, AUTOS, METALS/MINING, MATERIALS, CHEMICALS, PAPER, FOREIGN MARKETS…and that’s for starters.
Advance/declines topped out while the DOW hit new highs.More and more names and more and more sectors started to break down (the other 50%)….while the DOW was hitting new highs.
GROWTH STOCKS were topping out while the DOW was hitting new highs.Small and mid-caps broke down while the DOW was hitting new highs.TRANSPORT names broke down while the DOW was hitting new highs.The two most important areas to our work, FINANCIALS and SEMIS broke down while the DOW was hitting new highs.
