Seems like a good day to post some stats 📊
Percentage above 40W EMA
Large Cap: 63% (was ~78% two weeks backs)
Mid Cap: 51%
Small Cap: 52%
Large caps were leading the market but the gap between large vs mid & small is now reducing
Only ~28% of IT stocks and ~45% of Pharma stocks are above their 40W EMA
Banks, Metals and Capital Goods are ruling the market
While today diagnostic and bulk pharma players are having their day, the largest money is still flowing to Bank and Capital Goods/Industrials
Most of Pharma today was top performer, driven by fear of rising cases in China
Again points to speculation dominating the market
To me, today's price action along with last few weeks suggest rampant speculation
Volumes are chasing low float PSUs and PSU Banks
SME stocks are ripe with speculation
Not a healthy market to be in
Swim with the tide but make sure you dont lose your shorts when the tides turn
Btw, here is the volume chart of all banking names
The spike in Dec is 7x the normal 200D simple average volume!
End of Thread
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