S&P breadth: ~150 fewer stocks in uptrends than normal
Burry calls it denial. The breadth numbers back him up more than I'd like.
Only 46% of S&P stocks are above their 200-day vs a 76% norm. That's ~150 fewer stocks in uptrends than usual.
The top 10 are ~40% of the index, so each averages ~33x the weight of the other 490.
Sources: @michaeljburry: By early 2000, 70-80% of stocks were in bear markets, and the indices continued to move higher. I have a · @Budgetdog_: S&P 500 near ATH but 134 stocks (27%) down 40%+ from highs, over 40% down 20%+ from 52-week highs, only 46% · X story: Burry on market denial; 46% of S&P stocks above 200-day vs 76% historical average; top 10 are ~40% of the index
Not financial advice. For informational and educational purposes only.
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