Market Participation and Follow Through

Interesting observation: We moved to five-day highs on the S&P futures, with new highs in interest rates. The number of stocks in my basket of 17 large caps making five-day highs: 2. Tough to sustain gains in a weighted index if some of the most highly weighted components aren't participating. I consistently find that the likelihood of follow through on market moves is a function of the degree of participation.

Brett