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Tag Archives: Forest Labs

TOPPY, TOPPY, TOPPY

The stock market is edging closer and closer to a sharp mid-summer “correction.” I’m looking for a top Wednesday or Thursday this week, to be followed by a pullback of 7%-10% on the S&P 500 index. Why the caution? We’re seeing more and more individual stocks running into stiff overhead resistance. In early June, 581 NYSE stocks made new 52-week highs in a single day. Yesterday, with the S&P touching a new (marginal) intraday high for the year, the number of stocks recording new highs shrank almost 40% from the June peak.