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[CLK]

If they were, then why is percent of stocks above the 50 day moving average at 59%, or near pre crash levels?

 

 

http://schrts.co/TbwnDVpP

[kaiser soze]

A large number of stocks above the 50 DMA is merely indicative of a strong bounce from oversold levels. 

 

The number of stocks above the 150 DMA and 200 DMA is more insightful.  Here, one sees a pronounced divergence between the cyclical-dominated NYSE (only 16 % of stocks above 150 DMA) and the Nasdaq (36 % of stocks above 150 DMA).

 

But I agree with your conclusion.  The stockmarket is not being carried by FAANG alone but by the larger set of aggressive growth stocks - biotech, small- and mid-cap software, e-commerce, small-cap fintech, etc.

Edited by kaiser soze, 13 May 2020 - 12:32 PM.