"Factor Musical Chairs": We Have Never Seen Such A Decoupling Between Price And Breadth

In recent months, we have frequently observed and discussed a curious market phenomenon which is quite counterintuitive to all the bullish narratives: on days stocks rose, breadth collapsed, as market leadership was a small handful of AI-linked names; and vice versa, on days stocks dropped, breadth was engulfing. This is the polar opposite of healthy market action. 

Today, BTIG's Jonathan Krinsky quantified this phenomenon, describing it as a game of Factor Musical Chairs and warning traders not to be left standing when the music finally stops.