Last quote by Jonathan Krinsky
Jonathan Krinsky quotes
While new highs in breadth do not prohibit small market pullbacks, it would be unusual to see a 'significant' market top without a meaningful breadth divergence. Cumulative advance-decline lines for the SPX and NYSE, as well as the percentage of SPX stocks above the 200 DMA are at new highs.
Despite the big run [already in high-beta stocks versus more stable stocks], we think this trend is likely to continue.
With the iShares Emerging Market ETF closing firmly above the neckline of that inverse head-and-shoulders pattern, we think there is further upside ahead.
Really, for the first time in about 12 to 16 months, financials are no longer in a downtrend.
We know that IBM has been a laggard for a few years now, but it's actually starting to show some signs of breaking that downtrend it's been in for the past couple of years.