Wild market. We haven’t seen anything like this since the dotcom bubble burst.
Over the last 8 sessions, 115 stocks in the S&P 500 have decline 7% or more in a single day.
The average drawdown when that happens is 34%. Right now we’re 1.5% below the all-time high. pic.twitter.com/SDy5kAXzGp— Michael Batnick (@michaelbatnick) February 12, 2026
From SpotGamma
Nomura put out a similar dispersion chart. The average stock move is 10% while SPX is unch.
The backtest ain’t favorable either. pic.twitter.com/G1yFKCt38H— SpotGamma (@spotgamma) February 13, 2026
From Deirdra Bosa
this is a wild chart. 15 years of near-perfect correlation between the NDX and software (IGV)…now the widest divergence on record pic.twitter.com/pAnkmtfewD
— Deirdre Bosa (@dee_bosa) February 13, 2026


