How to read the numbers
The five concepts every WMTMT page is built on, explained plainly. The daily notes apply them to every session.
Point contribution, explained
How a single stock's move becomes points on an index, and why points beat percentages for explaining a day.
Market breadth: what 220 of 503 tells you
The count of rising versus falling members, and why an index can climb while most of its stocks fall.
Concentration: when three stocks are the whole move
Measuring how much of an index move came from its biggest contributors, including days when they contribute more than all of it.
The equal-weight gap
What the distance between an index and its equal-weight twin says about who is doing the work.
Price weighting vs cap weighting
Why a dollar of Goldman moves the Dow like a dollar of anyone, and why the S&P sees size instead.