he S&P 7, comprising the seven largest stocks in the S&P 500, are shouldering the entire market, marked by a staggering P/E ratio of 46x, over double that of the S&P 493.

Shorting large cap tech stocks has been a losing trade for over a decade.

It's unlikely that changes without a shift in market sentiment.

It may really be that a few stocks driving the market is the new normal.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) October 20, 2023