Tuesday, July 5, 2011

10% of Russell 1000 Already at 52 Week Highs

No matter how long you do this, it still amazes at how quickly the mood changes 180 degrees.  A week ago Friday markets were a disaster and a plunge through the 200 day moving average looked like the eventual outcome.  A week later, the S&P 500 was up 5.5% and scores of stocks are breaking out.  Indeed, 1/10th of the Russell 1000 is already at 52 week highs reports Bespoke Investments.  What correction?

As for today's action, it is exactly the type of movement the bulls want - churning action with a slight pullback.

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