With Guy Adami off this week for a well-needed break, Sven Henrich (aka @NorthmanTrader) and I briefly discussed the need for all of us to prioritize a little me / family time in our new work from home realities where it seems there are few boundaries to being on call 24/7.
Watch here:
Sven brought the charts and we spent some time discussing the narrowing breadth in the broad market, and the fact that not only do Apple, Amazon, Microsoft, Alphabet, Facebook, and Tesla make up 50% of the weight of the Nasdaq 100, nearly 25% of the S&P 500, they also mask a whole heck of a lot of bad performance by the majority of the other stocks in the indices. Northy brought the charts.
With the AGA of MAGA, Apple, Google & Amazon equal to $4.3 trillion in market cap alone, nearly 14% of the S&P 500 reporting Thursday after the close (Bloomberg lists AMZN as tentative), this might be a seminal event for the next leg of the stock markets wild year already. Friday’s close in the SPX at the uptrend from its March lows will be closely watched:
As will the Nasdaq 100’s close below its March uptrend:
