I don't know of a better way to describe it than by showing the chart below that compares the largest market-cap weighted stocks in the US. In other words...the S&P 100.
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In the chart above, you can see the relative strength of the S&P 100 versus the S&P 500 as the line in the "background" of the chart, and it's obviously been in a down trend for the entire 2-year timeframe of the chart. In fact, that under-performance dates back, except for brief interludes, to the top of the Dot-com Bubble in 2000. It has definitely been hard for those BIG companies to excel as they have been fighting the baggage that they've accumulated over the last decade. Massive write-offs and down-sizing have been their mantras.
We're not trying to make this 8-week trend into a massive personality change for the overall market, but we are saying that the last 8 weeks have presented a big jump in the S&P 100's relative strength, which is quite visible in the previous chart. Now, we've seen these rebounds in relative strength before, but each time, they fail to sustain themselves. And since we have a bias to somewhat smaller companies (mid-caps) anyway, we're not complaining, but in some other ways, we are rooting for these stocks to get back in more of a growth trend.
The next chart shows how undervalued (beat up) large cap stocks have become in the last decade.
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Now, this is not something to alert readers of a massive new trend, but it is certainly something to watch closely in the coming weeks and months.
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