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Harley....
Other than the metastock list, I am not on your e-mail list on this subject.
But the subject touches something I follow, so please excuse my comments.
The small cap sector finally came to life in February....up about 7
1/2%....after generally failing in January. This has been a belated "January
Effect" and really is a good sign. The overall breadth and volume measures of
the major averages suggest further gains are in store. However, the markets
are basically "over bought" at this point and a correction of up to 5% or so
seems likely in the coming weeks. Of interest should be the recent highs
being set by the NYSE breadth figures. Actually the readings are the best
since 1974. And these new highs in breadth preceeded the latest new high in
the DJIA....a confirmation, so to speak. The volume figures for the market in
Jan. and Feb. were the two highest ever recorded. Let's hope we see a new
volume peak above the Jan. 632 million average. If not, just keep in mind
that volume peaks usually preceed price peaks.
In a nut shell, a minor correction seems likely and then some more strength in
the markets. It should be noted that John Q. Public was doing some heavy
buying today....thus the market really gave a good account of itself.
However, time will tell....
Pardon my interruption!!
Jerry
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