U.S. initial public offerings are a long way from the extreme gains recorded 20 years ago, according to Ari Wald, Oppenheimer & Co.’s chief technical analyst. Wald cited the performance of a composite IPO index, derived from indicators compiled by Bloomberg and Renaissance Capital LLC, in a report Saturday. The composite index’s advance over 250 trading days, or about a year, peaked last week at 88%. Readings in March 2000 topped 300%. Wald recommended buying an exchange-traded fund that tracks the Renaissance index in August.
** 2 years later, monthly chart ***
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