Happy Diwali - Investors Celebrate With New All-time Highs
Check out this short video we put together from our last trip to Mumbai.
Have you gone through your weekly charts yet? You'll find a lot of new highs. In fact, this week we saw the most amount of stocks on the NYSE make new highs since early 2018. This is the most amount of upside participation in years.
That's not a characteristic of a downtrend. Quite the opposite in fact.
For example, here is the equally-weighted Value Line Index going out at new all-time highs:
Click on charts to zoom in
Trust me, go through the charts. You'll find a lot of new highs.
Check out the Equally-weighted Industrials Index $RGI also going out at fresh highs:
Are you not entertained?
Let's look around the world.
Check out Japan going out at the highest levels in 30 years:
What about Emerging Markets?
Investors in India have apparently already been celebrating Diwali all week. Check out the Nifty 50 breaking out to new all-time highs:
None of this should be a surprise to anyone. We continue to see breadth expansion, not breadth deterioration. More sectors are participating to the upside, not fewer. And an increasing amount of countries are breaking out to new highs, not a decreasing amount.
The data that's coming in continues to confirm all of the things we had already been seeing since early summer.
What are you seeing out there?
JC
Live Monthly Conference Call Monday
Dropping a quick line to let you know that we've set a date for November's Live Conference Call. Premium Members join us Monday, November 16th at 6pm Eastern. We'll go over what's caught our eye over these past couple weeks and how we want to be positioned heading into the holiday season.
Register here for Monday's Call.
As always, if you can't make the call live, we'll get a replay out to you shortly after we finish. We'll also have the slides we used available on our Conference Call page.