"Yesterday’s record close in interesting company ... data compiled by
@Bloomberg reveal that historical days when S&P 500 gained 0.28% or more while 42% or less of members were advancing, were only before & during tech bust (obviously, a small sample size)"
Now, when I say "the market" hasn't even begun to roll over, I'm speaking of the S&P 500 Index, which currently is more concentrated in its top 5 positions than I believe it's ever been.
Here's the one-year chart:
Now, if the market is indeed more than, say, the top 5 weightings in a given index, well, then, things aren't quite as robust as they might otherwise appear.
Here's the one-year chart for the S&P 500 Equal Weight Index (i.e., each component weighed the same):
Of the thirteen featured below, 7 remain in the red on the year:
Of course we should absolutely expect as much given the lousy internals I spoke about in the video.
Yes, as I continue to stress, there's MUCH more to play out before the curtain closes on this particular episode...Thanks for reading,