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:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3nIXJgDDjIzE8ViJhABXNe8GO296yIEZDs1ejzaWF_-uGO1yUfIVNpzZ6wLOOdH3kHi4CNc_nWWVlJ9xg0iS2w3GXF-0lhqJNjJnAvNRioR0nlhcMNrKnpn4XQumgj9OGVIPsV_t098g/s400/SgxHighsAll.jpg)
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:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZvqd9EpEI7fAsoJ_EuEj8y6zs7FFspgbqVF0rZI9DcUTN4CN44YJeen5KE3avaNkRsRTaGGBfkS4MULNaVavp1WLa6PXWuK_51Pkc3kTGWgpdeBRB9eBNzJ85Mh_7ANKaQ6obmf-A-Nk/s400/SgxHighs20c.jpg)
This one excludes stocks that closed below 50c on each day being calculated for:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibKOYyVXzUKDogUZpcVPxCqZYC3KL-bBtBjHWxoR1-jPkG5wwzsLaC6shVoqsVRi1W3wC2uePR_qnU14CM54Ir8vUMmzEAuF461PiGvPNmFYrECno297xWNy2X6H_nx08H5IkX7GM455o/s400/sgxHighs50c.jpg)
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.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCo7Jq03ZR0hTDbWKLpkfR0YDB60gxDnjxdGEr7-pqz4lF_f7JGe1U0MY9S9P5V0J83wzmQGHf95l4mb9-MBQojxIe6AyP_1FKtjyJAMi7naFQb9qwHeoM4eM1WBTBzKaBDRv9BZk9-Qo/s400/SgxHighsSub20c.jpg)
I can only conclude, the rally in the last 2 days was broad based. And it was not based based on penny stocks.