Thursday, August 20, 2020

Quote of the Day: Bad Breadth

Speaking of bad breadth, just after posting this morning's note I saw this from Bloomberg's Andrew Cinko on the details:

"Why should Thursday be any different for stocks? The theme this week for equities is thin trading volume and terrible breadth behind any advance (as noted with the S&P 500 record on Tuesday). Today showcases those themes once again.
The Nasdaq 100 is in the green to the tune of 0.4%. But the internals are terrible: 41 stocks rising, 61 falling. Another way to express that point is to turn to the equal-weight Nasdaq 100 index, which is down 0.2%. The trillion dollar-plus club is making all the difference with Apple, Microsoft and Amazon leading the cap-weighted index. Level the playing field, however, and the true weakness shows itself."

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