Value Line ‘Average Stock’ Index Signals Breakout to MKM

This month’s record-setting advance in U.S. shares may be just getting started if a gauge of the “average stock” is any guide, according to Jonathan Krinsky, chief market technician at MKM Partners LLC. Krinsky referred to the Value Line Geometric Index, consisting of about 1,800 stocks that are equally weighted, in a report Sunday. The index is in line with peaks going back to 1998, which runs counter to a view that “the market is ‘too stretched’ or extended,” he wrote.