Google, Amazon, Apple, and Microsoft - together they’re worth more than $10 trillion-with-a-”T.” They account for a bit less than a quarter of the S&P 500 by weight. Incidentally, it’s been more than 50 years since the S&P 500’s top stocks were this concentrated.
Well, they’re in real trouble now. All four of those mega-caps were down for the day. I’ve been about this all week, watching - and warning - as the cracks formed. It’s really just capital rotation keeping the S&P 500 above water right now.
We’re going to look at what that means in this week’s wrap-up. We’ll grapple with the return of inflation and the meaning of inverted SKEW (tail risk) readings for Nvidia and Super Micro. And we’ll look at how our expected move predictions did. Let’s rock and roll…
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