I wonder if there is enough gas in the tank to make a new high....

Here's something I've been thinking about for a while and finally got around to taking a look at Les's Thread: Subject 25738 During the recent lows in Feb of this year, the number of stocks below their 200dma was nearly identical to the numbers we saw during the bottom of the market in 2002. 88% of the stocks in Les's Market/Sector Breadth Journal-Overall Database were below their 200dma. Earlier this year, the negative sentiment in the market reached a dramatic level and we've clearly seen it show up in the data. In looking back during the 2002 low, the market didn't really pick up a full head of steam until March of 2003 but I remind myself that this was after a few years of "crashing" from the "Enron Top" or dotcom craze....whichever you prefer. So extreme negative sentiment was somewhat understandable at that stage of the process. In our most recent case, the amount of negativity that surfaced in only a few months was massive and I will be looking into more of the details of these "sentiment" washouts from the past. NOTE: In 2009, we saw the figure climb to 97% of Les's universe of stock sitting below 200dma. Likely, a once in a generation (or possibly lifetime) low.