Doing the splits

Ever since signs of extreme speculation bubbled up, we've been hyper-focused on watching for internal deterioration. Other than some scattered days in January, there hasn't been much evidence of it. In recent days, there have been some more oddities, like Tuesday when more than 3.75% of securities on the Nasdaq reached a 52-week high. But more than 3.75% of issues also reached a 52-week low. This kind of split in the market, soon after the Composite had been sitting at a new high, has been a warning.