A "weak" jump in the Nasdaq

There has been some hang-wringing about yesterday's rally in the Nasdaq Composite. Despite more than a 1% gain to nearly a record high, more stocks on the Nasdaq declined than rallied, and more fell to a 52-week low than high.

This is unusual, but less so than one might think. And despite the anxiety, it hasn't meant much for future returns. Or consistently, anyway. The Composite suffered four double-digit losses over the following three months, but also four double-digit rallies. And 70% of the signals showed a gain.

Shorter time frames weren't much different, with a mix of gains and losses but an overall positive bias.