We have discussed repeatedly the very narrow market, the parabolic move of some of the market, and don’t think we need to rehash it in detail. If you look at the Equal Weight S&P 500 it is up just 3.2%, while the S&P 500 is up 14.5%. This major divergence occurs generally toward the end of a market cycle. The question is when does the market rotate or come to an end. There is a group of stocks called momentum stocks, that generally are going up just because they are going up.

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