By Kevin Marder
This week's gains place the Nasdaq Composite inches away from their high for the move. This advance would be rated more highly were it accompanied by volume, the mother's milk of a bull market.
In fact, 17 of the past 18 Nasdaq sessions have shown turnover to be below normal.
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This low level of enthusiasm among market participants is acceptable for a while, say eight or 10 weeks. But beyond that, and the advance begins to tread on questionable ground.
Otherwise, the growth-stock leadership sparkles. 58.com /zigman2/quotes/209650513/composite WUBA -0.05% is up 31% since slamming out of a year-long base last week. The stock was profiled in the April 2 column where it was noted that a return to the 10-day exponential-moving-average (EMA) line would offer an aggressive entrance after the line attracted demand twice.
In that particular instance, a good chunk of the thesis was a few quarters of impressive sequential 10%-plus revenue growth. Remember, this is comparing one quarter to the prior quarter, not the year-ago quarter. It is a more sensitive barometer of what is currently transpiring at the sales level.
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