Once again, I thought underneath the hood there was less than meet’s the eye.
Though the averages showed a robust gain, Nasdaq breadth was negative:
And, Nvidia ($NVDA), which was +$5 per share on the day at its high, basically closed flat.
Treasuries were modestly higher but it looked more like a dead-cat bounce than a reversal to lower yields. This morning $TLT is -$0.40, so Tuesday’s slightly lower bond yields have been reversed.
“Forward thinking” financials continued to show no spark.
Finally, despite the record high in the indices, there were twice as many lows as highs on the NYSE:
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