Even though US stocks as gauged by the S&P 500 are near their all-time highs, trends under the surface are deteriorating ever so slightly. In Europe and especially in the Pacific, however, the opposite is happening. Below we show three charts per MSCI developed market...
It’s gone somewhat under the radar that the MSCI World Index is now sitting at a new all-time high. That is usually a good sign for the market, especially when accompanied by improving market breadth....
While we are well aware of the relationship between the level of the JPY/USD and the Nikkei in yen terms (1st chart below), there is another less publicized relationship between Japanese stocks and the yen that suggests yen weakness isn’t all it’s cut out to...
Despite the rally we’ve seen over the past few weeks there are still a significant number of stocks in bear market territory, defined as down more than 20% off of their 200-day high....
Below we show the percent of stocks in each MSCI developed market region with positive YTD performance in USD terms. One aiming for a high probability of picking a winning stock would have been well served to avoid Europe this year, and this is becoming...
After a tough start to the year the percent of stocks in the MSCI World Index showing YTD gains rose steadily from less than 30% in February to nearly 80% in July....
We’ve written extensively so far this week about the narrowing leadership in the global stock market....
One of our favorite market breadth indicators measures the percent of stocks in an index that are in a bear market, which we define as down at least 20% from their 200-day high (blue line, left axis, inverted in the charts below)....
As we are approaching the closing bell today and looking at the worst day for the S&P 500 since April 10th, and possibly only the 4th roughly 2% down day of the year, we thought it would be a good time to highlight the deteriorating...
After a modest surge in June in which the percent of stocks in the MSCI World Index making new 52-week highs rose to 23%, new highs have languished....
We are always keen to measure the behavior underlying stock price movements and one way in which we do that is to keep track of investor accumulation and distribution of stock. Investor accumulation of stock as prices rise signals confidence, and vice verse....
Breadth has improved somewhat in the market recently. During this latest burst higher over the past three weeks, the MSCI World has experienced an expansion in new highs across a variety of time frames....
We admit that our weekly review of market breadth, in which we observe the continuing deterioration in all types of indicators that monitor the internal behavior of the world stock market, is becoming a bit repetitive....
It’s no secret that we’ve been concerned about the lack of new highs in individual stocks since at least the beginning of the year....
One of the ways in which we can measure whether investors are in general accumulating stocks (bullish) or distributing stocks (bearish) is to track the number of days of skewed market breadth in either direction....
