Thursddy March 23 2023
Check out the article in today's WSJ, forget FANG, now Apple and MSFT account for a whopping 25% of the SPX. This explains how the bear market in the vast majoriity of stocks has been masked by a concentration in just tow stocks. †he article notes that not since ATT and IBM in the 1970s have tow stocks held sway
The participation oof eh NASD
stocks suggests we are either at a low point suggesting rally or the party is over.
The next chart coompares the internal lack of participationwith the overall much better NASD performance, the explanation is apple and msft
Participation is down to 18% but the index itself is well above previous lows No wonder few believe we are in a bear market.
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