The market dynamics are changing. Over the last few days, we have seen a few rotations that will indicate investors are changing the way they’ve been investing for the last couple of years. (1) Rotation out of Big tech into everything else: over the last 5 trading days, the Nasdaq Composite is down 3.6% while the Dow a Jones is up 3.85%. (2) from the sector standpoint, while Tech sector is flatish, the Transportation is up almost 6%. (3) From the factor perspective, Momentum is down this week -2.76%, and growth is down -2.37%, while Value is up 2.33%. (4) The equally weighted S&P500 has outperformed the market cap weighted index. And lastly, (5) as you can see below, the small caps have massively outperform large caps over the last 5 trading days, by 9.5%, the biggest differential since the 70’s.
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