Yes, but the NYSE cummulative breath is extremely strong and that's not measured only by currency devaluation but also by the diffusion of the liquidity or you could say the broad liquidity. I think the reason of any correction from here is the fact that the NYSE cummulative breath has been extremely strong and it will probably come to a rest. The underlying index is not RUT since it contains many NASDAQ issues as well, but RUT has been underperforming big time and even though the breath or binary (up or down) measures are up, the price or intensity measures are weakening. I have a feeling that an IT top will come again very suddenly here like Feb...
- kisa
BTW, in a sense, I believe the computerized systems are responsible for the strong breath measures since they bid up the market very evenly during the broad rallies pushing the up and down based breath measures easily. I would rather look how the stocks breaking out and new highs vs new lows are performing. They are also at the extremes now, BUT surprisingly, it made a lower high a few days ago despite the record number of break outs!!!