Why, it was the NDX/SPX ratio, AKA the market leader holding its leadership trend.
Just a week ago the mainstream financial media were urging caution on Tech and offering ideas for debt addled value type stocks. But the ratio did not even test its rising 50 day average before tacking on 2% today. Leadership is intact and was intact last week as noted when the ratio took a hit.
Put another way, the SPX under performance is firmly intact and those who took the media’s allocation advise (ha ha ha) may be getting a little hot under the collar. One of the reasons I find this to be a very satisfying market is that it’s no longer as easy as buying the SPY and passively out performing. And for the Dow it’s even worse.
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