Hyperbolic, empty-headed rags like Investors Business Daily and Fool.com are, of course, going absolutely ape promoting buying equities these days, and no wonder. 2023 has been a bonanza for bulls. I’d like to quietly point out a few things. The advance/decline summation chart is looking just a touch lofty right now. The notion prices are a bar-goon is, shall we saw, wrong-headed.
Below, courtesy of SlopeCharts, is a line chart of the percentage of stocks above their 100-day moving average. Notice how it’s at the top of the chart instead of the bottom? Yeah.
And even more rigorous test is seen by way of the percentage of stocks above their respective 200-day moving averages. Never higher!
This “2021 on the brain” mentality might last a few more weeks, but I suspect we’re near the end.
