There's something odd about the stock market's concentration: Morning Brief

The major indexes may have only chalked small gains Wednesday, but while the generals were sleeping, the soldiers were on the march.

This seesaw-offsetting behavior is everywhere right now in lieu of correlations between even stocks in similar sectors. Stocks simply do not want to move in the same direction.Kawa was specifically referencing Tuesday's price action, in which the S&P 500 managed a 0.4% gain despite 384 of its components closing in the red — a new feat for a data set that goes back to 1996.

We're not only currently seeing disparate returns among sectors and industries, but also inside them — even in the megacap tech stocks. In the past six months, if some of them, say Microsoft and Alphabet, are up, Nvidia and Apple might be down. The correlation between directional moves between pairs in this cohort is a scant 43%, Kawa noted.

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