The Weekly Market Update is posted at Alpha Baskets and looks at narrowing leadership in the equity market, Sweden going negative on its interest rates and ongoing oil market volatility.
Barron’s picked up the conversation over the weekend noting that of the reported 4.1% rise in S&P 500 earnings year over year, half the gain can be attributed to the maker of iPhones and iPads. In other words the “S&P 499” as the magazine referred to it has only had earnings growth of about 2%.
The significance of narrowing leadership, the market being supported by fewer and fewer names, is that this usually occurs at market tops most notable at the end of the internet bubble.
Please click through to read the entire update.