We registered a new bull market closing highs for the Dow Jones Industrial Average (DIA; above) and S&P 500 Index (SPY) on Friday. Falling short of their bull highs thus far are the NASDAQ 100 and Russell 2000 averages, as well as the XLB, XLI, XLV, XLF, and XLU sectors. We made 1305 20-day highs on Thursday across the NYSE, NASDAQ, and ASE and 970 on Friday. That compares with over 3000 fresh 20-day highs in mid-September.
This past week's rally may broaden out in coming days; thus far, however, it's worth noting that the rally has been inconsistent: pushing up large caps in the U.S. and emerging market stocks (EEM), while much of the rest of the world (EFA)--particularly Japan (EWJ) and the U.K. (EWU)--and smaller cap issues in the U.S. have lagged.
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