Gavekal Capital: Stock Indices Keep Making New Highs but Individual Stocks Aren't

Wednesday, April 2, 2014

Stock Indices Keep Making New Highs but Individual Stocks Aren't

A few weeks ago we highlighted here how new highs in stock indices have not been confirmed by the percent of stocks also making new highs. This is a symptom of narrowing individual stock participation in the advance of broad indices and has been going on now for about five months. Here we simply revisit that analysis from a few weeks ago with updated charts showing that yet again we have new highs in stock indices, but a smaller percent of stocks making 1000-day highs.

Japan marches to it's own beat, as usual:

About Gavekal Capital

Gavekal Capital is a US registered investment advisory firm that manages the Gavekal Knowledge Leaders Strategy. Knowledge Leaders are a group of the world’s leading innovators with deep reservoirs of intangible capital. These companies often possess competitive advantages such as strong brand, proprietary knowledge or a unique distribution mechanism. Knowledge Leaders are largely service-based and advanced manufacturing businesses, often operating globally. Gavekal Capital seeks to identify the world’s leading knowledge companies through a proprietary process that analyzes corporate knowledge investments.
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