Gobs of Breadth: The Haurlan Index

by Tom McClellan
Financial Sense

If you want to have a recipe for a sustainable bull market, the best ingredient to start with is “gobs of breadth”. Strong A-D data is a sign of plentiful liquidity. The stock market can encounter other types of problems, but if liquidity is strong then investors can get past momentary worries about Brexit, earnings, valuations, etc.

I like to say that there are really only 2 fundamentals that matter for the overall stock market:

1. How much money is there? and
2. How badly does that money want to be invested?

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