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...
Post a Comment