Who said only corporate earnings are non-GAAP, i.e., excluding – and adding back – all the bad stuff and only focusing on the good? According to the following BMO “analysis” while market breadth has been tumbling in recent months, this indicator which many have focused on to show lack of participation in the most recent rangebound market is actually really great… if only one excludes all the stocks that are destroying the bullish narrative.
To wit, from BMO equity strategist Luigi Di Pede:
U.S. Equity Market Still in Good Shape