A QQQ rally of over three and a half percent looks like a broad-market celebration until you count the bodies in the background. The major indexes soared today, but underlying breadth tells a completely different story, showing 263 gainers against 237 decliners in the large-cap universe.
Translation: a tiny handful of mega-caps did the heavy lifting while the rest of the market stood still. Across the ticker, $ALNY was absolutely decimated, shedding 28.8% of its value in a single session.
History warns against chasing these extreme outlier moves. Out of more than 45,000 historical instances where large caps moved over 3% in a day, 53% of them ended up closing red relative to their session highs.
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