its options expiry day today, page-54

Still quite notable the lack of breadth in the XAO and US markets's recoveries to date. A la May-July, on XAO we again seem to have a relatively small number of large caps which have driven most of the rise in the market back up to these levels while most others are sliding or struggling.

However the big difference now compared with May-July before the 15% fall is that to get the market back to these levels has meant this select group of large caps are now going almost vertical. Clearly a very unsustainable situation imo.

Here's a link to an interesting chart on the New Highs/New Lows ratio 4 the NYSE & NASDAQ combined which indicates a similar lack of breadth at the moment

http://www.schaeffersresearch.com/streetools/filters/comp_nh_nl.aspx

Cheers