18/12/16

A Lowly New High - What Happens Next? [feedly]



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A Lowly New High - What Happens Next?
// Zero Hedge

Via Dana Lyons' Tumblr,

The Dow traded at a new high yesterday yet a lot of issues actually hit new lows; similar signals in the past have boded poorly for stocks.

The Dow Jones Industrial Average (DJIA) didn't quite tag the 20,000 level yesterday, however, it did touch a new all-time high, intra-day. And while it wasn't able to close at a new high, the temporary touch is not irrelevant. It is especially so when considering the circumstances surrounding the high. We've discussed on several occasions the strange dynamic of simultaneously large numbers of New Highs and New Lows. This includes our series on the "Junkie Market", i.e., too many highs and lows as well as our simplified version of the Hindenburg Omen which we named the "Akron Omen". We won't get into the theory behind such circumstance (you can read those prior posts for more color), but for ...

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