The economy took center stage today along with additional financial sector troubles.
This market action continues to get more and more concerning. In many aspects I am reminded of the tech bubble burst, although this time it is not a tech bubble that is going to burst, the prelude is what is very similar.
More tonight in the wrap…
Dave, the meaning of the NYSE (and Nasdaq) new highs - new lows down trend over the past few years is extremely important. What is says is that the broad market is advancing with fewer and fewer stocks making new highs. In other words as time goes on the market is being lifted by fewer stocks. A house of cards if you will…
