Skip to content


Sep 08 2018

Technical Difficulties

  • Sep 8, 2018

Traditional breadth measures have yet to show end-of-cycle thinning of the ranks, but some secondary measures suggest that process may be underway.

Aug 24 2018

Why So Many Lows Near A New High?

  • Aug 24, 2018

The S&P 500 has closed within a half percent of an all-time high three times this week, and the S&P 1500 Composite did make such a high on Tuesday, August 21st...

Jun 07 2017

Stock Market Observations

  • Jun 7, 2017

After a two-month lull, stock market momentum reasserted itself in May bringing our summer S&P 500 target of 2,600 back into focus… Meanwhile, we’ve fielded several media calls about the “FANG” stocks’ large contribution to some YTD returns—but that doesn’t diminish the new highs being made elsewhere by disparate groups… NYSE Weekly A/D Line and New Highs/Lows figures also suggest the stock market isn’t yet top-heavy enough to tip over.

Oct 07 2016

Charts: Beware Of Myopia

  • Oct 7, 2016

Despite a two-month stall in the blue chips, the breadth and momentum behind the market’s rally off mid-February lows remain hard to deny.

Aug 05 2016

Stock Market Breadth: So Good We’re Suspicious

  • Aug 5, 2016

Market breadth measures have been so strong since the February low that we wonder whether something might be wrong with them.

Jun 07 2016

Stock Market Observations

  • Jun 7, 2016

Commentators now label this cyclical advance the “seven-year bull market,” but that won’t be semantically true until the S&P 500 closes above its May 2015 peak of 2130.82.

Feb 05 2016

NYSE “New Lows” Figures Point To “Lower Lows”…

  • Feb 5, 2016

At the August and late January S&P 500 lows, both the Daily and Weekly NYSE New Lows figures exceeded 40% of Issues Traded —a degree of downside thrust rarely seen outside of bear markets.

Dec 08 2015

The NYSE: A Timely Insider Sale

  • Dec 8, 2015

We tracked the “legal” insider actions of NYSE specialists for many years, until a crackdown on that business model early last decade rendered our old data sets virtually irrelevant.

Aug 07 2015

Weakening Foundation

  • Aug 7, 2015

Over the last few months, we’ve presented a couple of simple quantitative studies meant to encapsulate the factors driving our Major Trend Index to the brink of bear territory. The chart and table might provide the best summary yet.

Aug 07 2015

Too Many Highs, Too Many Lows

  • Aug 7, 2015

We’ve detailed the growing degree of stock market bifurcation, but the problem for would-be bears is that such bifurcation can reach astonishing levels (witness 1999-2000) before the market is set to peak out.

Apr 08 2015

What The Market Tells Us About Fed Policy

  • Apr 8, 2015

Poor performance in 2014 by two typical victims of Fed tightening—Consumer Discretionary and Small Caps—corroborated our argument that “tapering” is tightening.

Nov 07 2014

What To Make Of Market Leadership

  • Nov 7, 2014

The renewed embrace of risk hasn’t extended to the sector level. After resisting decline in late September through mid-October, defensive sectors have matched the rebound in Cyclicals, almost point for point.

Apr 08 2014

Margin Debt: Much Ado About Not Very Much

  • Apr 8, 2014

Margin debt levels are high, but that’s because stock prices are high. The critical relationship is the comparative rates-of-change in Margin Debt and stock prices.

Feb 07 2014

Too Early For The Top?

  • Feb 7, 2014

January’s new breadth highs suggest new bull market price highs are likely some time in the next several months… but they can’t rule out a painful February.

Aug 07 2013

Not Your Typical Bear Warnings...

  • Aug 7, 2013

With July’s market surge producing new cyclical highs in virtually every important subgroup (other than Utilities), it’s difficult—if not dangerous—to question the U.S. stock market’s technical underpinnings.

Aug 07 2013

“Immature” Market Behavior

  • Aug 7, 2013

Whether one considers the post-2008 upswing two bull markets or one ultimately matters only to those who (like us) enjoy cataloging such things. But labeling the 2011-2013 rally a new bull market would certainly explain some of the “immature” behavior exhibited by U.S. stocks in recent months.

Nov 06 2012

Is The Glass “Half Full”?

  • Nov 6, 2012

A “dozen” major market measures have moved to new bull market highs in the last three months. But many of these have been the groups that do best when “risk” is “off,” and may be a reason “Ain’t Nobody Happy,” even in an up year. 

Jul 05 2011

Yet Another Breadth Blastoff

  • Jul 5, 2011

Another breadth blastoff gives us reasons for optimism that our bullish predictions for the end of the year will hold.

Dec 05 2006

Some Erosion - But Not A Collapse - In The Wall Of Worry

  • Dec 5, 2006

The surprising restraint in investor enthusiasm has been a key pillar behind our bullish case for the stock market.

Sep 03 2003

NASDAQ & NYSE Short Interest

  • Sep 3, 2003

New NASDAQ buy signal as volume declines. NYSE short interest ratio increases again as volume and short interest both decline.

Aug 05 2003

NASDAQ & NYSE Short Interest

  • Aug 5, 2003

Both the NYSE and NASDAQ short interest ratios saw increases in July.

Jul 04 2003

NASDAQ & NYSE Short Interest

  • Jul 4, 2003

While the NASDAQ short interest ratio continued to decline, the NYSE ratio increased in June.

Jun 04 2003

NASDAQ & NYSE Short Interest

  • Jun 4, 2003

Both indicators drop to neutral in May.

May 05 2003

NASDAQ & NYSE Short Interest

  • May 5, 2003

Both the NASDAQ and NYSE short interest ratios increased in April.

Apr 05 2003

NASDAQ & NYSE Short Interest

  • Apr 5, 2003

Both ratios still bullish.

Mar 05 2003

NASDAQ & NYSE Short Interest

  • Mar 5, 2003

Both ratios reconfirming a buy signal.

Feb 05 2003

NASDAQ & NYSE Short Interest

  • Feb 5, 2003

NASDAQ ratio declines on increased volume. A new style this month gives the NYSE ratio more timely signals.

Nov 05 2002

NYSE Moving To Westchester Is Not Nearly Enough

  • Nov 5, 2002

This month’s feature was written by Don Weeden, still a Maverick and Innovator! Named one of the fifty most significant people in the securities business since 1950. “…...The world’s premier market center remains dangerously exposed. A move to Westchester won’t diminish the danger.”

Jul 03 2002

NASDAQ & NYSE Short Interest

  • Jul 3, 2002

NASDAQ record high short selling. NYSE moving to new highs.

Jun 05 2002

NASDAQ & NYSE Short Interest

  • Jun 5, 2002

NASDAQ ratio was flat for May while the NYSE's showed a very strong positive.

Sep 04 2001

For The Technicians

  • Sep 4, 2001

Examining some of the impacts that decimalization and the inclusion of financial derivatives may have on the NYSE Advance/Decline Line & ARMs Index.

Dec 05 2000

View From The North Country

  • Dec 5, 2000

“What? You’re buying MORE Junk Bonds?!” “Regulation FD” could ultimately improve the depth and quality of analyst research, turning the focus back to more relevant, longer term outlooks. “Sell Side” Stock Research: The reasons why we no longer use it.

Aug 04 1999

The Growth In NYSE Stock Listings

  • Aug 4, 1999

Since 1990, the number of listed stocks on the NYSE has increased by almost 90%. This surge in the number of listings can have a significant impact on a great many tools of the technician’s trade.

Jul 01 1990

Brought To You By Your Friends (?) At the New York Stock Exchange

  • Jul 1, 1990

In recent months, two studies have been released on the subject of program trading, particularly index arbitrage. One concludes that index arbitrage activities do no real damage. The other tells it like it really is.