On this date, Richard Russell of the Dow Theory Letters, said the following:
"Wall Street wisdom tells us that the most bullish thing the market can do is advance to new highs.
"Wrong--the most bullish thing a stock average can do is rally to a new high confirmed with the other averages and breadth. But that’s not what has been happening. The recent Dow/S&P highs were not confirmed by the Transports, the Utilities or the advance-decline ratio. In other words, the Dow/S&P advance to new highs was extremely “arrow, which is fine for people holding a handful of the stronger blue-chip stocks but frustrating, if not costly, for those holding a representative portfolio of stocks."
-Russell, Richard. Dow Theory Letters. July 29, 1998. Letter 1257. page 1.
