— Dana Lyons (@JLyonsFundMgmt) December 27, 2019
Today’s Chart of the Day was shared on Twitter by Dana Lyons (@JLyonsFundMgmt). It’s a line chart of the Value Line Geometric Composite ($VALUG) over the past two years. The Value Line Geometric Composite is an equally weighted index of about 1700 stocks. It uses a geometric average, so the daily change reflects the median stock price change. Some argue that it provides a broader and more accurate representation of the stock market than popular cap-weighted benchmarks like the S&P 500. Dana points out that the index just printed a fresh 52-week high for the first time in 16-months. It still has yet to join the other major averages at the all-time high club. However, this is certainly not a bearish development.