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Last Friday, There Were 585 New 52-Week Lows on the Nasdaq Stock Market – Versus 12 New 52-Week Highs

Courtesy of Pam Martens

Jeremy Grantham Being Interviewed on Wall Street Week, November 12, 2021

Jeremy Grantham Being Interviewed on Wall Street Week, November 12, 2021

Last Friday, December 3, 2021, the Nasdaq stock market recorded 12 stocks setting new 52-week highs in contrast to 585 stocks setting new 52-week lows. Let that sink in for a moment. There were 48.75 times more stocks setting new 52-week lows than were reaching new 52-week highs. That extremely negative reading of market breadth came on a day when the Nasdaq closed down just 1.9 percent. Imagine what the breadth would have looked like if the percentage decline on the overall market had been worse.

Yesterday, Monday, December 6, with the Nasdaq closing up 139.6 points, the new 52-week lows still swamped highs, with 137 new lows and only 53 new highs.

Unfortunately, Americans never see headlines in their newspapers about the deterioration in the stock market’s underpinnings. What they do see on a regular basis are headlines about the market setting a new high. This has the intended effect for Wall Street manipulators of sucking the little guy in at market tops as the smart guys “distribute” their inflated shares to the less informed.

The one thing that will be different when this giant bubble finally pops, is that Fed Chair Jerome Powell, unlike former Fed Chair Alan Greenspan, will not be able to tell Congress that nobody could have seen this market crash coming. There is now a loud chorus of veteran Wall Street investors who are calling this the biggest bubble of all time, or words to that effect.

Just last week, Charlie Munger, the 97-year old Vice Chairman of Warren Buffett’s Berkshire Hathaway, stated at an Australian investment conference that he considers “this era even crazier than the dotcom era.”


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