More odd masking
A handful of times over the past month or so, we've noted weak breadth readings despite big gains in some of the indexes. So far, it has not mattered one whit. It happened again on Wednesday, with the Nasdaq Composite gaining more than 2% yet its Up Volume Ratio was only 53%. That is the lowest in history, dating to 1984, on a day the Composite gained more than 2%. There have been 6 other days when the Up Volume Ratio was below 60% on a day with this large of a gain in the Composite, and they were not auspicious: 1999-04-05, 2000-03-21, 2000-03-31, 2000-04-17, 2000-05-24, and 2000-08-03.