Market breadth (measured by the McClellan Volume Summation Index) was at its lowest level since November 2020
All five “mega cap” stocks reported earnings this week
And while we have had a few -1% and -2% pullbacks since, it looks like those fears were overblown.
Unlike the last two earnings cycles that saw major selloffs despite strong earnings, this cycle has been much tamer. We’ve seen mild pullbacks in Tesla Inc. (TSLA) and Facebook (FB) post-earnings but nothing like the last two cycles.
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