Nasdaq Overcomes Resistance, but How Troublesome Is Breadth?

[NewsFeeder]

Nasdaq Overcomes Resistance, but How Troublesome Is Breadth?

The Nasdaq continues to lead and grab the headlines. However, recent market action is not all lollipops and roses. While the Nasdaq Composite Index and Nasdaq 100 closed above their near-term resistance levels, their progress was marred, in our opinion, by a general deterioration in overall market breadth as participating stocks became more selective.

https://finance.yahoo.com/m/e60883a...b/nasdaq-overcomes-resistance,.html?.tsrc=rss

 

[Bullitt]

That troublesome breadth has gotten worse.

The Nasdaq is even more top heavy than in 2000. The top 10 firms make up 58.6% of the index compared to 43.6% in 2000. For the top 5 it’s 47.1% now and 30.9% then. For the top 3 it’s 35.7% now and 21.2% then.

Tesla hasn't made sense for years but the saying goes something like, "markets can stay irrational longer than you can stay solvent".

Tesla’s valuation makes no sense as it is the 9[SUP]th[/SUP] largest publicly traded company in America even though it only makes a profit from tax credits. Tesla has a higher market cap than Wal-Mart even though Tesla’s annual revenues are $25 billion and Wal-Mart’s are $523 billion. Tesla’s market cap is larger than all the other publicly traded automakers combined even though Tesla’s 2022 estimated sales and capex are smaller than each of them.

https://upfina.com/pure-bubble-talk/