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Major divergence spotted:
The VIX has been trending higher since mid-May. But even the SP500 has been moving higher. This is an anomaly. Source: Game of Trades
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
Wow. The average S&P500 stock has been on average 4.5x as volatile as the broader index!
Chart: Goldman Sachs 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
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