“Jason Goepfert at Sundial Capital points out that more than half of the stocks in the S&P 500 are already down by more than 10% from their 52-week highs. In essence, he says, the vaunted, long awaited, 10% decline has already been visited on a majority of stocks, but it just hasn’t been reflected in indexes. This is a remarkable number of stocks off 10% from their highs when you consider the S&P 500 itself was less than 3% from its 52-week high before it bottomed on Monday. To see how unusual this is, check out Goepfert’s chart above. It shows the number of stocks in the S&P 500 that are 10% or more below their 52-week high while the S&P 500 index itself was within 3% of its own high.”

http://www.moneyandmarkets.com/skinny-breadth-72613

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