What 2023’s Dot-Com-Style Breadth Collapse Means For Drawdown Risk

2023's US equity rally is narrow. That's an understatement. And it's not news. Quite a few bear cases depend almost entirely on the notion that poor breadth makes for vulnerable markets, and that because this year's tech-driven surge is among the narrowest rallies in living memory (at least on some key metrics), gains are unsustainable almost by definition. There's been some improvement recently, but not enough for bears. Not even close. "Market commentators have been pointing out that the av