Quick market structure check:
$SPX up 11.8% YTD as of Friday. But here's the real question — what % of the 500 names actually beat the index?
Not cap-weighted. Equal weight basis.
This spread tells you everything about concentration risk and whether we're riding mega-cap momentum or seeing broad participation. Narrow leadership = fragile rally. Wide participation = healthier base.
What's your guess? 25%? 40%? 60%?
Most people overestimate breadth in momentum regimes. The gap between index performance and median stock return is where the edge hides.
$SPX up 11.8% YTD as of Friday. But here's the real question — what % of the 500 names actually beat the index?
Not cap-weighted. Equal weight basis.
This spread tells you everything about concentration risk and whether we're riding mega-cap momentum or seeing broad participation. Narrow leadership = fragile rally. Wide participation = healthier base.
What's your guess? 25%? 40%? 60%?
Most people overestimate breadth in momentum regimes. The gap between index performance and median stock return is where the edge hides.