11/24/2025
I have emphasized the narrrowing of breadth over the past months, some ten stocks are 40% of he SPX capitalization. Here is an interesting stat from Bert Dohmen.
Over the past few weeks we’ve seen a number of stocks nosedive from their recent highs. As of last Thursday (November 20), the S&P 500 was down only 5.5% and the NASDAQ 100 was down 8.3% from their October 29 peaks.
Yet 42% of stocks in the S&P 500 and 54% of the NASDAQ 100 were in “official” bear markets (i.e. down 20% from their 52 week highs) last Thursday (November 20).
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