Participation Perking:
Many who follow the market closely have been complaining about the lack of cooperation of individual stocks behaving bullishly. The chart below suggests that may be starting to change. To be fair the new 52-week highs versus lows remain negative, but as far as stocks climbing above their 50-day SMAs the data is encouraging. Since late March the number has been on the rise, although interestingly the Nasdaq has not burst out to new highs as PRICE trades sideways. This was not the case dating back to last November when both seemed to trade in tandem together. Trade on the Nasdaq is beginning to tighten as the last 2 weeks CLOSED within one handle of each other and if Friday is in the same general area would create a very bullish 3-week tight pattern. One thing bulls have to be impressed with is how it is hanging on to the very round 12000 number, unlike early February when it quickly shied away. Also how it is holding up at this altitude now with the debt ceiling debate and bank failures fresh in memory.