Source: Short side of long
编者按：创52周高的股票数量随着标普指数的节节升高而慢慢减少，这表明一个比较大级别的调整正在酝酿当中。目前的震荡徘徊表示市场正在distribution area 的可能比较大。所以我们中期虽然依然看多，以及持有中期多头仓位，但是在SPY高位需要逐步买入更多的对冲来降低风险，锁定帐户上的中期利润。
The recent NYSE 52 Week New Highs & Lows data shows continued bearish divergence between the index and the number of stocks posting 52 week new highs. During the rally into October 2013 NYSE posted 471 new highs, which was followed by index making higher highs into December 2013 while NYSE posted 361 new highs. Finally, as the index made a recent run towards yet another record closing highs in March 2014, NYSE posted even less new highs - at 301. This type of a pattern is not sustainable and could eventual lead to a more meaningful stock market correction. So far, the number of new lows have not risen yet but traders should keep a close eye on it.
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