It has definitely been a rip-roaring start to 2023 for stocks. As of the close on February 2, the NASDAQ 100 (QQQ) was up an astounding 17.06%. The S&P 500 (SPY) tacked on nearly 9%. The lower beta Dow Jones Industrials (DIA) gained only 2.75%.
Spectacular gains to say the least. Indeed, it was the best start to a year since 2001 for QQQ. Yet the crazy gains to start the year in the most shorted stocks makes the outsized gains in the QQQ seem tame in comparison.
