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Time that, in fact, was going on in january and february, and then the plunge and the ricochet. Lets look at a few slides to try to prove it, so to speak the precondition of excess you see these bullet points here basically s p 500 before this selloff this week at an alltime high the price to sales, a fundamental on measuring the valuation, at an alltime high we know the s p is up 42 on a 5month basis and th nasdaq up 57 . The precondition of excess the next slide, divergence as the market is making alltime highs you see here, of course, that only 16 of the s p squint constituents were making all time highs the average stock in the s p is 28 below its alltime high. Thats not now thats on monday before we sold off. And then finally, basically, you see the number there, 46 , half, after all stocks in the s p 500 have no gains for two years. This is the precondition of divergence and the precondition of excess. The next slide, take a look. We have a very rare circumstance where the nasdaq ....
Weve been in a momen speculative excess that was going on in fact in january and february, then the plunge and the ricochet. Lets look at a few slides to try to prove it, so to speak the precondition of excess you see these bullet points here basically s p 500 before this selloff this week at an alltime high the price to sales, a fundamental on measuring the valuation, at an alltime high the s p 500 is up 42 and the nasdaq up 57 . The precondition of excess the next slide, divergence as the market is making oe inine highs only 16 of the s p constituents were making ofe ii alltime highs the average stock in the s p is 28 below its alltime high. Thats not now thats on monday before we sold off. Finally, 46 of all stocks in the s p 500 have no gains for two years. This is the precondition of die j v divergence and the precondition of excess. We have a very rare circumstance where the nasdaq 100 drops 10 in a twoday period. Its only happened 17 times in history of the index going back to 1 ....