Narrow market rally poses risks

Under-the-surface action suggests S&P 500 isn’t as healthy as it might appear. Photograph: Stephanie Keith/BloombergThe S&P 500 has enjoyed its second consecutive quarterly gain, but the under-the-surface action suggests the rally is not as healthy as it might appear. Bespoke Investment last week noted that three of the S&P 500′s 11 sectors have made gains this year.

Even the Nasdaq, which is up 15 per cent this year, is not as strong as one might think. The largest quintile of Nasdaq stocks is gaining, says market strategist Dan Greenhaus, but the other four quintiles have all been weak recently. Willie Delwiche of Hi Mount Research notes that one-third of Nasdaq stocks have actually fallen this year.Similarly, Kailash Concepts data shows that just 28 per cent of Nasdaq 100 stocks have outperformed the index this year.

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