From our morning note:
"...suffice to say that a truly healthy market setup is generally one where most boats are rising with the tide. Poor breadth suggests that a given index is being propelled by a concentrated group of members. I.e., stress in a single stock, or a mere handful of stocks, can send an entire index reeling. Which was a much-documented phenomenon that preceded the bursting of the late-90s tech bubble."Just ran across this from Semper Augustus President and CIO Christopher Bloomstrand:
"Lordy. The combined caps of Microsoft, Apple, Google, Amazon and Facebook/Meta closed at $10 Trillion today. At the 2000 and 2007 PEAKS the TOTAL US market caps were $14T and $15.9T. The Fab 5 are 43% of US GDP and 11% of global GDP. The rest of NAZ may be hurting but not here."Yep! Those 5 companies literally command a combined $10 trillion market cap! While the entire US market had a market cap of $14 trillion heading into the tech wreck, and $16 trillion prior the "Great Financial Crisis." Not to mention their combined girth relative to present GDP!