One of the most notable aspects of Thursday’s trading was the poor breadth in the Nasdaq, as only about 38% of issues closed higher. This is extremely rare on a day where the market rises. I looked at the possible implications a number of different ways in last night’s
Subscriber Letter. The consensus whether looking at the effect on the Nasdaq or the S&P was bearish. Below is one study that looks at other times the Nasdaq Up Issues % (Advancers / (Advancers + Decliners)) came in lower than 40% while the S&P closed higher.
(click to enlarge)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCO5X1_jzqZX8sGKFrfuKHilhpSyh5zB5q1Hgy-SldRcxXUVHj7afmNjNNaT-J_UwL6AY00TSA64BDlkrVtg-jOMZikHJA0N0qDytq5rTMiWllqwRWitpgJUpX11cKVCLBeE7s5AqGJP8/s400/2009-4-24+png2.PNG)
Bearish results across the board over the following 2 weeks or so.
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