The NYSE new 52-week high list peaked on December 14th. That puts us almost a month into some kind of correction underneath the surface.
And this sort of behavior is fine in bull markets. Go back and look over the past 100 years. It’s actually perfectly normal.
Last week we discussed what a bigger correction might look like, and what the market would have to do to hold on to its ongoing uptrend.
Let’s remember, the Dow Jones Industrial Avg rallied 5000 points in 2 months. Give it a break.
Among the most important groups of stocks comes Financials, of course.
Here is arguably the most important component in the U.S. Financials Index going out at new all-time highs: [Read more…]