Another ‘vs. SPY’ Scenario

Thinner and thinner the market’s leadership becomes. Small Caps may be cooked, the Trump ‘build out’ ‘Materials’ sector is wobbling at best, Transports are well below the 2017 highs and Semis, Big Tech and the FANGs are left to tempt in every last performance chasing casino patron.

Man, I was bullish the Semis a year ago (when you could hear only crickets in the bull camp) and even noted that the FANGs were irrationally weak, post-Trump, but come on folks, this is manic behavior. Early stage? Late stage? I’ll leave that for bubble historians to sort out (the US market does not yet look to me like Silver 2011 or Bitcoin 2017). But the behavior is not healthy on the short-term.

Anyway, Heisenberg’s got a post breaking down the elements of the S&P 500’s leadership by the big 10.

In NFTRH 449 we reviewed this chart, which shows the equal weight S&P 500 badly under performing the S&P 500 as normally weighted. Everybody’s gotta get them some Amazon, after all. It seems desperate.

rsp vs. spy

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