Finance
Stock market record high masks extreme, ignored trend: Morgan Stanley
-
The stock market’s rally to new highs is not an
entirely bullish story, according to Morgan Stanley’s equity
strategists. -
The rally has been narrow, as it has excluded some key
tech stocks that had propelled the market higher. -
Other gauges of so-called market breadth are of concern
to the strategists.
As the stock
market soldiers on to new highs, some less bullish trends are
brewing under the surface, according to equity analysts at Morgan
Stanley.
They’ve have warned all year that stocks are in a rolling,
drawn-out bear market.
While their thesis appears to fly in the face of the market’s
record highs, they’re pointing to a group of indicators
suggesting a rough patch ahead.
It’s market breadth, used by technical analysts to gauge the
direction beyond what a plain chart of the S&P 500 shows. …
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