Romanian stock market index BET has outperformed the Nasdaq 100 over the past 5 years.
Source: Holgerz, Bloomberg
Yesterday's "SIZE" rotation put into perspective.
US small caps outperformed large caps by 4.5% on Thursday, a 6 standard deviation event and the 2nd biggest outperformance on record (trailing only the 10 sigma differential on October 10, 2008). This brutal rotation is taking place after a huge period of small-caps underperformance vs. large caps $IWM $SPY Source: Charlie Bilello, Steno Research
It has now been over 220 days without a 5% pullback in the S&P 500, the 3rd longest streak in the last 10 years.
The last time a 5% correction occurred was in the second half of 2023. Overall, over the last 34 years, the longest stretch lasted for ~550 days in 2016-2018. Meanwhile, the S&P 500 has skyrocketed by 33% since October and 15% year-to-date in one of its best rallies in years. Source: The Kobeissi Letter, Goldman Sachs
That RTY (Russell 2000) / NDX (Nasdaq 100) spread was over 600bps at its peak today.
By the close it was the biggest relative outperformance of the Russell 2000 over Nasdaq 100 since 2002... Source: Bloomberg, www.zerohedge.com
US manufacturing mega-boom in 2 images
Source: Science is Strategic, The Economist
🚨 🚨 🚨 HUGE SECTOR ROTATION OUT OF TECH AND INTO SMALL CAPS HAPPENING NOW 🚨 🚨 🚨
⬇ Nasdaq 100 $QQQ -1.0% ⬆ Russell 2000 $IWM +3.3% Source: Stocktwits
We're in a slow-motion melt-up according to Ed Yardeni
Source: Business Insider
The 50 largest stocks in the S&P500 have a median return of +13% this year while the 50 smallest stocks in the index are down 12%.
$SPX Source: Charlie Bilello
