Yesterday the SP500 managed to rise on negative breadth.
It's now been five days in a row where price has gone in one direction and breadth has gone in the other. That ties the record streak from April 1999. Source: Bespoke
The market has gone ahead of historical average return
Source: Goldman Sachs
Wow. The average S&P500 stock has been on average 4.5x as volatile as the broader index!
Chart: Goldman Sachs Source: Markets & Mayhem
And so begins the S&P 500 buyback blackout period . . .
Source: Markets & Mayhem
Here are the stocks driving the S&P500’s almost 15% return so far in 2024.
Source: Evan
The market cap-weighted S&P 500 is outperforming the equal weight index by nearly 10% this year, following 12% outperformance in 2023.
Since 1971, the only back-to-back years with a higher combined outperformance: 1998-1999. Source: Charlie Bilello
Short interest on the $SPY SPDR S&P 500 ETF and $QQQ Powershares Nasdaq 100 ETF as a % of shares outstanding is at record low levels
Source: JP Morgan
Is diversification a thing of the past? The sp500 has significantly beaten money managers who diversify investments globally in 13 of the last 15 years
The only 2 years where diversification worked over this period were 2012 and 2023. Such a streak has never happened before. During the 15-year timeframe, the largest outperformance by the S&P 500 occurred in 2015, by nearly 30%. Meanwhile, the S&P 500's return has exceeded global investment assets by 15% year-to-date. Source: The Kobeissi Letter, Bloomberg
