Just One Chart (Ok, Maybe Two)

We’ve talked a ton in these pages about the extent to which the Nasdaq has “bad breadth.”

In fact, we devoted an entire post to it back in August, when the equal-weighted Nasdaq hit an all-time low versus the regular benchmark. We were using the ratio of QQEW to QQQ in that post and it occurred to us after Friday’s blockbuster day for tech titans that we should check that again, and sure enough: a new low….

QQEWQQQ

In the same vein, Kevin Muir (who writes the excellent Macro Tourist blog) notes that Friday’s Nasdaq 100 rally was the largest outperformance versus the equal-weighted index ever:

Nasdaq

We’d say that’s “big league” although somehow, it seems inappropriate to cite Trump given that Amazon was in large part responsible for Friday’s move…

Amazon

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