The average stock is getting crushed while the indexes look fine.
Equal-weight $SPX vs market-cap $SPX just hit 1.11—third lowest since April 2003. Down five straight weeks, -5.5% total.
Meaning: equal-weight $SPX fell 4.4% while cap-weighted $SPX rose 0.8%. The top names are doing all the work.
This ratio is heading for its fourth straight yearly drop—longest streak since 1999. It peaked at 1.60 back in April 2015.
Translation: a handful of AI names are carrying the entire market. Breadth is weak. Most stocks aren't participating.
If you're not in the winners, you're probably losing money this year.
Equal-weight $SPX vs market-cap $SPX just hit 1.11—third lowest since April 2003. Down five straight weeks, -5.5% total.
Meaning: equal-weight $SPX fell 4.4% while cap-weighted $SPX rose 0.8%. The top names are doing all the work.
This ratio is heading for its fourth straight yearly drop—longest streak since 1999. It peaked at 1.60 back in April 2015.
Translation: a handful of AI names are carrying the entire market. Breadth is weak. Most stocks aren't participating.
If you're not in the winners, you're probably losing money this year.
