Scanning through some charts the past 24 hours it has struck me how so many begin to look nearly identical. In fact, if they were overlaid onto the S&P 500 - adjusting for extra beta in individual stocks - they also look identical to the S&P 500.
Just a random example - replace S&P 1040 with CRUS 15 and you would not know what chart you are looking at.
I heard this morning on CNBC that 30% of trading sessions the past 'while' have been 90% days. That's remarkable, every 3rd session 90% of the stocks moving in unison on one direction. Long time readers will know this is something I've highlighted as a changing characteristic of the market versus how it used to be even 5 years ago, not to mention 10. You still used to have 90% days back in the day but it was rare... now 'student body left' is dominant as HAL9000 pushes everything in the same direction.
This is why we are being held at gunpoint and forced to state at a S&P 500 chart each and every day, trying to figure out where it goes in the next 1-5 days, or 1-5 hours. Because almost every risk vehicle on earth will go in the same direction. That's a market?