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Although most indices advanced slightly (the DJIA actually declined a tad), it was another good week as 662 issues hit new 52-week highs out of 3,582 issues traded (18.5% of the issues traded), making it 9 weeks in a row where more than 10% of the issues traded hit new 52-week highs. The number of 52-week lows is climbing at 58, but the number is still not alarming. The cumulative daily breadth also continued its march into new territory at 154,000. The Dollar Index continued its slow decline to 89.23, down from 90.33 on July 5th (the high for the year).

It was another great week for REITs, although one mortgage REIT - Annaly - was included in the new 52-week lows. One has to wonder how much further the rise can go for many REITs. For example, one popular REIT - General Growth Properties (GGP), mall REIT - now has a dividend of 3.1% (which we don't own). You can get a 3-mo. Treasury bill paying 3.4%. The record setting escaped the health care REITs where you can still get dividends from 6% (Health Care Properties (HCP) to 6.5% for Health Care Realty (HR). But the records were hardly restricted to REITs. One stock that we do own, for example - Walgreen's (WAG) - hit all-time highs during the week. And, much to our delight, Genuine Parts (GPC) also hit an all-time high during the week.

Although the NASDAQ didn't share such a high percentage of stocks hitting new 52-week highs, it did have 468, the highest number of the year and continuing the string of weeks with more than 400 new 52-week highs to 3. The number of 52-week lows was 63, making the 4th week in a row with fewer than 100. The NASDAQ continued to trade fewer stocks than the NYSE. The NASDAQ 100 managed to have a gain of about 0.3% and gained a bit on the NASDAQ Composite.

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