Have you counted how many stocks and sectors put in failed breakouts?
Market breadth has been deteriorating so fast that most of the “breakouts” that everyone was so excited about last quarter are all failing one by one.
It’s pretty nasty out there.
That’s what happens when you get aggressive and buy stocks while breadth is deteriorating in your face.
I’ve seen this too many times to get fooled again.
You’re seeing a lot of first timers out there who haven’t learned this yet.
One of the better examples is in the Equally-weighted S&P500. Look at this nasty failed breakout. [Read more…]