What the heck is going on with stocks?!?!

For all the excitement around the election, the stock market has in fact gone nowhere for most of the last five months. Instead, stocks have been trading in a range between 5,750 and 6,100 on the S&P 500. Sure, there have been sharp daily moves lower and higher, but as a whole stocks have done NOTHING for months.

Indeed, even the fact stocks appear to be holding up this well is something of a mirage. The reality is that the S&P 500 is heavily weighted towards big tech (the largest tech companies account for 30% of the index’s weight). These are the largest, most profitable companies in the world. And they’re masking the reality that the vast majority of stocks are in fact having a terrible time.

When you remove the impact of big tech from the market with an equal weighted version of the S&P 500, the reality is that most stocks peaked in December and are down about 5% from their recent peak.

This raises the question… where is the Trump stock market miracle?

Historically, Trump has been a champion for stocks, but the reality is that they’re barely up since the election.

What is going on here?

I’ll detail what I think is happening in tomorrow’s article. But unless stocks rally hard right here and now, we’re in for a rough spring.

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