Markets & Crypto
The Kobeissi Letter
Fast Alert Sensor
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Markets source
Macro/markets commentary perspective
Market commentary is not investment advice
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The market is experiencing a historic divergence:
The ratio of the equal-weighted S&P 500 to the S&P 500 index is down to 1.1, near the lowest since 2003.
This ratio is now below the 2008 Financial Crisis low of ~1.2 and is down -28% since February 2023, the biggest drawdown since the 2000 Dot-Com Bubble.
Over this period, the S&P 500 has rallied +81%, more than double the gain of the equal-weighted index, at +34%.
These massive gains have been fueled by technology stocks, with the Nasdaq 100 index surging +151% over the same period.
Tech stocks are all that matters.
(@TheKobeissiLetter)
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