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…

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