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Harley....
When one speaks of market breadth on the NYSE, it refers to the difference
between advancing and declining issues. The difference is a daily cummulative
total that is relative to the market at the time. For example, 1200 advances
and 300 declines in 1974 is 4 to 1. Today a 2400 advance number vs 600
declines is also 4 to 1. Recently we have been having a daily difference of a
few hundred, which has a small impact on a multi-year cummulative total. You
should really go back and look at the numbers.
How true, how true....!!!! The bottom line is earnings. Earnings this year
should be up some, but not near like the last few years. A good case in point
for earnings is INTC. Interest rates are important....like gasoline....but
the engine is earnings.
Jerry
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