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Saturday, August 13, 2011

Relative Strength By Industry

 Here are the top 30 industries in percentage of stocks in the relative strength range. You will notice that none of these have 4 or more categories highlighted, which probably means that, industry wise, the market currently has no leadership.
Now, this is interesting. These are the top groups in percentage of stocks advancing this week. We have a couple of the leading groups here, plus a couple more that are leaders in 40 week average. I am coming to the belief that the percentage of stocks advancing is a good indicator of leadership after the market has had a down trend, while the percentage of stocks making new highs is a good indicator after the market has been in an up trend. I don't have data to back that up, but if the market is bottoming here (which I doubt, but we will see), it will be interesting if the new leading groups come out of this bunch.

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