Bullish Tenacity Keeps Uptrend Alive

One word can be used to describe the bulls in this current market; relentless. The banking sector is under massive selling pressure. Housing looks ready to make another leg lower. The S&P has suffered severe technical damange. And yet, the Nasdaq continues to march higher. Moreover, of the 600 odd stocks in our 52-week high lis, more than 60% are exhibiting bullish divergences on indicators such as money flow and money stream. What we have here is a mixed market with an advantage to the bulls.