Chart on previous post had an error, the stocks were not filtered by price correctly. It was supposed to be only sub-20c stocks, but all were included, and warrants were also included.
Here is one counting one month (25 day) new closing highs for all SGX stocks:
If we suspect the 'breakout' is caused by too many penny stocks flying, this one excludes stocks that closed below 20c on each day being calculated for:
This one excludes stocks that closed below 50c on each day being calculated for:
Just in case we still suspect penny stocks, this counts only the ones trading below 20c on the day being calculated for. ie: opposite of second graph.
I can only conclude, the rally in the last 2 days was broad based. And it was not based based on penny stocks.
Sterling ‘Flash Event’ of 7 October 2016
1 hour ago