Momentum continues

Market continues to show good momentum. New sectors continue to breakout. At this rate we will son be approaching extremely bullish readings on T2108. But excessively bullish readings by itself is not a cause for becoming bearish. Markets can remain extended for extended period of time.

Breakouts continue to find buyers for next day or so, but big follow through is missing. We monitor daily number of stocks up 50% in a month. That figure in current market is 8 , which is very low. In bull markets readings above 20 on this are common and readings above 50 are not uncommon at this stage in rally.

This remains a small moves market. Moves of 10 to 15% dominate the action.

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