Breadth and liquidity go hand in hand. In this report, we revisit Thursday, what led up to it, and what it might mean going forward. However, first we are compelled to share this really interesting fact about Thursday. According to @bespokeinvest, there was only one other day since 1979 where the Russell 2000 rose 3%+ while the S&P 500 was down, and that was in October 2008. We saw many reports stating that Thursday was the biggest divergence between the Russell 2000 and the S&P 500 in several years, but that doesn’t interest us as much as needing to go ... July – The Fed, Breadth, & Liquidity