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Stocks are down, but most stocks are up

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Trading Nation: Bounce trounced?

The stock market may be down this year, but the average stock in the S&P 500 has actually risen.

After a 2015 in which the average stock underperformed the index, quite the opposite condition is transpiring this year. The S&P has slid nearly 3 percent, yet the average move for an S&P 500 stock Is a 0.1 percent drop. And 241 of the index's 504 issues are green for the year.

Some view this as a potential reason for optimism.

"One good thing I'm seeing out there is that the breadth is expanding," Eddy Elfenbein of the "Crossing Wall Street" blog said Tuesday on CNBC's "Power Lunch. " "We're seeing a broader rally … that should bode well for the next several weeks."

The S&P 500 is a float-adjusted, capitalization-weighted index, meaning that the greater the value of the outstanding shares in a stock, the greater its weight in the index. This is why the average performance of the stock's contained therein and the index's performance are different.

The biggest drag on the S&P this year appears to be Amazon, followed by Bank of America (based on FactSet's reporting of the SPY point impacts). Meanwhile, on the upside, Verizon, AT&T and Exxon Mobil have been the biggest positive pullers on the index price.