Feb 25, 2024 2 min read

Market Call: Bull Market Gets No Respect

Market Call: Bull Market Gets No Respect

Like comedian Rodney Dangerfield, the S&P 500 bull market gets no respect. Dangerfield often bemoaned that he got no respect. His jokes included, "I went to a freak show and they let me in for nothing." The S&P 500 is up 42.3% since the start of the bull market on October 12, 2022, yet its detractors continue to observe that it has been very narrow. They often observe that the MegaCap-8 have accounted for most of the gains.

That's confirmed by the decline in the ratio of the S&P 500 equal-weighted index to the market-cap-weighted index since the start of 2023 (chart).

Even the MegaCap-8's performance has been narrowing since the start of the bull market (chart). Three of them are up by triple digits, leaving four with double-digit gains and one with a double-digit loss.

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