MIDE - The Curse Of The Mega Caps
2024-07-16 02:55:00 ET
Summary
- The performance of the S&P 500 Equal Weight index (SPXEW) as of Thursday was up 1.17% on the day.
- Look at the S&P 500, which is weighted by market cap, down 0.88% as of the close on Thursday.
- What we saw on Thursday in both the NASDAQ 100 Index and the regular S&P 500 is a “bearish engulfing pattern,”.
The Curse of the Mega Caps
One fact I saw about last Thursday’s violent rotation out of tech on the release of the benign Consumer Price Index (CPI) report was that such a surge in the broad market on the same day as a selloff in the tech sector had not happened for 23 years. Almost every other sector was up a lot, while tech was down a lot....
The Curse Of The Mega Caps