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Hi Mike,
This is an interesting story, but Id like some details regarding this sentence: "What does work is counting the number of stocks making a new 52-week high in each industry group."
Do you really count the number of stocks or some sort of normalized number such as the ratio of the number of stocks making a new 52-week high in each industry group. Gold miners for example include a limited number of stocks compared to the financial sector. So I guess, a straight number of stocks at a 52 Weeks high cannot directly compare to another sector if you do not normalize.
Pascal
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