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The S&P 500 sits right near all-time highs.
However, that belies the fact that few of the 500 stocks in the S&P 500 are actually doing the same.
"Only 48 stocks made a new high with the market yesterday," wrote FBN Securities' J.C. O'Hara.
All Star Charts' J.C. Parets alerted us to this.
"There are many perceived discrepancies between what one would expect to find at new highs vs what we currently have," continued O'Hara. "Small Caps are lagging, yields continue to decline, new highs are scarce, and the average stock is still -11% from making a new 52 week high."
Earlier this month, O'Hara pointed out that many stocks were actually in full-blown bear markets. That is, they were down by more than 20%.
FBN Securities