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Pam and Russ Martens: 46% of Nasdaq stocks are more than 50% below their 52-week high
By Pam and Russ Martens
Wall Street on Parade
Monday, February 14, 2022
The stock market indices that get all the headlines have failed to capture the brutal deterioration that has been occurring for months among the individual stock components of those indices.
In early February, Bank of America reported that 46% of Nasdaq's component companies were more than 50% below their 52-week highs. And the deterioration in breadth began long before February.
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On December 28, 2021, Wall Street On Parade ran this headline: "A Tale of Two Markets: S&P 500 Notches Its 69th Record Close as the Bottom Falls Out of the Nasdaq." We noted in the article that "on December 3 there were 585 new 52-week lows on the Nasdaq stock market versus 12 new 52-week highs. To look at it another way, 48.75 times more stocks were setting new 52-week lows than were reaching new 52-week highs. That doesn't sound like the definition of a bull market to us."
A chart published by Liz Ann Sonders, chief investment strategist for Charles Schwab & Co., on January 31 this year underscored the deterioration occurring below the headline index numbers.
Sonders reported that the average stock decline in the Russell 3000 was a drop of 32% from its 52-week highs. Equally alarming, companies in the 10th decile within the Russell 3000 had experienced an average decline of nearly 70% from their 52-week high. ...
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