Chart of the Day: Leaders Rolling Over

While what’s worked (namely the FAAMGs) year-to-date has been rolling over of late, concentration among the S&P 500’s largest 5 positions (FAAMG) still sits way above the previous tech-bubble high (top).


For one, that’s scary concentration, considering how the market has historically corrected such an imbalance. For another, while the rolling over of these names of late has forever-bullish Wall Street chalking it up to simply “rotation” — a plausible explanation right here, btw — market tops are often formed around such phenomena…

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