Understanding The Tape

Here's a bunch of items that point to how narrow the recent lift in equity prices has been.

They are all going down except tech and communications.

Since the start of 2023, healthcare as measured by XLV has compounded ay 3.7% versus XLK for tech which has compounded at 35%.

Semiconductors have never been this large in the S&P 500

This next one is difficult to conceptualize...at least for me it is.

I don't know if this specific 70% datapoint is correct but we've all seen items like this. 

You probably have heard the phrase don't fight the tape and I don't want to do that but I think there is value in understanding the tape which is what these snippets help us do.