The stock market is riding high, trading around record levels. Nvidia, arguably the most important stock on Wall Street, isn't doing nearly as well lately. Nvidia shares are down nearly 3% in December, while the S & P 500 is up 3.7% in that time. On top of that, the stock is 9.8% below a record closing high reached Nov. 7 — putting it within striking distance of entering correction territory. Roth MKM's JC O'Hara also warned that the stock faces a key technical test this week.
Friday marked the 10 th session in a row in which S & P 500 decliners outnumbered advancers. That, according to Deutsche Bank's Jim Reid, is the longest such streak going back to 1996. "We have seen this show before. Money continues to enter the market, but the cash has refocused its sights on the largest names," O'Hara wrote. We wrote about this trend last week , noting that the S & P 500 typically does well a year after such a long streak of negative market breadth.
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