Here’s a fun fact that deserves way more attention:
According to trader and blogger Chris Perruna, we just witnessed an historical explosion of new highs on the NYSE on Friday…
The market closed last Friday registering the second most New High’s (NH’s) recorded in a database that I have going back decades. At 634 NH’s, it’s the most new highs registered on one day in almost 30 years. More than any one day during the dot com boom of the late 1990’s, more than any day recorded during the run in 1987 and more than anything this millennium.
In fact, Chris points out that the only day exceeding Friday’s record was way back in 1982, which was the starting gun for an 18 year bull market, possibly the greatest in stock market history.
What’s interesting about this data point is that it can alternately be used as an indication of froth and speculative excess in the market, or it can be viewed as the ultimate forward indicator – a prelude to another leg higher.
How you choose to view this information probably depends on your stance prior to having come into contact with it. You know…biases and such.
Here’s what it looks like (note the green spike and disappearance of red), then go check out Chris’s site for the details…