Thursday, May 7, 2009

Maybe a little overbought? Where are the Leaders?

Look at the $SPXA200, stocks above 200 MA.  Look at the almost vertical move.





With such a strong move in the SPX and the amount of stocks above their 200MA. The 10 market leaders of the SPX should be following this trend.  Right?
GE-No
XOM- No
JNJ- No
PFE- No
MSFT- No
T- No
IBM- YES
WMT- No
PG-No
CVX-No

So clearly the Leaders of the market are not really leading this rally.  Most have failed to get above their March highs.