Growing concerns about the weakness of breadth in the stock 'market' where, as we noted here [8], 47% of Nasdaq Composite stocks are down at least 20% from their highs with the average stock in the index in a bear market (down 24%), continue to be ignored by a market that cares nothing for fundamentals. NewEdge's Brad Wisack adds another "it doesn't matter until it matters" chart to the list of worrisome indicators today by noting that "we haven't seen this before..."
[9]
As Wisack notes - one thing that is clear is that we have not seen this extent of breadth deterioration before... where the market goes straight up while the # of stocks trading ABOVE the 200 dma trends straight down...
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Seems like pent-up demand to us... BTFATH, cash on the sidelines, stocks are cheap, Fed has your back... etc. etc...
Until it matters!!!
