In a notable divergence, the S&P 7, encompassing major tech stocks, surges an impressive 80% in 2023, eclipsing the modest 4% gain in the S&P 493.
You can't make this up:
The S&P 7, also known as the 7 largest tech stocks in the S&P 500, is up a massive 80% in 2023.
Meanwhile, the S&P 493, or the remaining 493 companies in the S&P 500, is up just 4%.
In other words, the S&P 7 is up 20 TIMES as much as the S&P 7.
A few… pic.twitter.com/1CpcrnWsCi
— The Kobeissi Letter (@KobeissiLetter) November 27, 2023
As seen in October, a pullback in tech means a drop in everything.
This has created a highly profitable market environment for traders.
Technical clarity has never been better.
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— The Kobeissi Letter (@KobeissiLetter) November 27, 2023
Don't look now, but: The 10 largest stocks in the S&P 500 have reached recovery highs and are closing in on the all-time high set on January 4th, 2022. The bottom 490 are not that far from their highs, either. pic.twitter.com/iL6Xnngj8U
— Jurrien Timmer (@TimmerFidelity) November 27, 2023