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Stocks down, indexes up

Jason Goepfert
2020-08-20

It was another of those frustrating days for many investors, when indexes jump but most stocks decline. For the Nasdaq Composite, this was the 4th time in 15 days when it rose 0.7% or more, yet breadth was negative (either number of issues or volume). For a day the Nasdaq closed at a new high, it was the 3rd time in 15 days, the most since 2007. Because of the negative momentum in breadth, the McClellan Oscillator for the Nasdaq will close below -25, the 6th-worst reading ever for a day the index closed at a 52-week high. The other days were 2000-02-04, 2000-02-10, 2012-03-01, 2017-11-08, and 2020-07-09. Weird market.

 

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