S&P 500 Hits Record High but Breadth Measures Erode
The equity rally doesn’t pass the “sniff test” — it has bad breadth
Highlights
• Nonfarm payrolls did not add up
• “Soft” Beige Book information at odds with the “hard” data
• Auto sales are in reverse and towing retail sales down
• The equity rally doesn’t pass the “sniff test” — it has bad breadth
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