Before You Get Too Enamored With the "New All Time High"

Before you get too crazy over the S&P 500 eclipsing its January 26 (all-time) high, recall that, per last week's video commentary, a more pertinent benchmark for diversified portfolios -- the NYSE Composite Index -- has a good ways yet to go:

click to enlarge...




Clearly, there's been a huge concentration of gains since the January 26 high. Let's check it out...

Here's a look at the sector-by-sector contribution to the S&P 500's gain from the start of the year to January 26th:



While tech was clearly the leader, we saw meaningful contribution from a number of other sectors as well.

Here's what's occurred since January 26th:



Well, that's definitely not the look of a broadly healthy market!

We'll likely see some reversion over the coming months. It'll come in the form of other sectors catching up to tech, tech catching down to them, or a combination of the two.

We'll keep you posted...