PASS - The U.S. Stock Market's Moment(Um) Of Truth

By Jeff Weniger, CFA

The stock market is having a moment of truth.

Frequent readers of our blog may note that figure 1 looks like the chart I presented in my August post, which discussed U.S. large-cap growth stocks' 13-year bout of outperformance. Many growth stocks populate so-called momentum indexes, which own market leaders in the belief that they will keep leading.

When figure 1 is rising, the S&P 500 Momentum Index is getting the better of S&P 500 Value Index, and vice versa.

I circled the December 8, 2016, low in the

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