Investing With IBD Ep. 347 What’s Driving The Mood Shift In Market Models?
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Nov 19, 2025 John Kosar, a seasoned market strategist and portfolio manager at Asbury Research, dives deep into the quantifiable shifts in market sentiment. He articulates the importance of his Asbury 6 EKG, designed to measure market health and tactical exposure. Kosar warns against letting volatile stocks like NVIDIA dictate strategy, emphasizing the need for broad metrics. He also discusses the emerging potential of healthcare and energy sectors, and the risks of concentration in market leadership. His insights on model discipline over news-driven trading are particularly compelling.
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Market Noise Demands an EKG
- Markets are noisier intraday now and require indicators that filter noise.
- John Kosar built the Asbury 6 as an EKG to avoid being faked out by intraday gyrations.
Keep Invested but Use Risk-Off Triggers
- Use models that keep you invested but protect during risk events.
- Kosar's CPM moved to risk-off on Nov 17 to pull back equity exposure for clients.
QQQ Asset Flows Signal Leadership Shift
- QQQ assets expanded during past rebounds and tested the 21-day trend four times.
- Kosar sees current larger outflows as a meaningful sign the NDX leadership may be weakening.