Mike Panzner points out that the bull has become two-horned , as laggards become leaders in recent days. Once the S&P 500 reached a new multi-year closing high of 1326.57 on 9/26 (beating the prior peak of 1325.76 that was reached on 5/5), the sector laggards began to play catch-up.
S&P500 Sector Performance
past month versus prior 3
Source: Michael Panzner, Collins Stewart
One theory: fund managers who had sat out the first phase of the bull
run scrambled to invest in stocks and sectors that had trailed behind,
in an effort to keep up.
This chart shows how the pre-9/26 sectors have fared, and how the markets have run since then:
||6/13 – 9/25||
||9/25 – 10/24||
Interesting stuff. Thanks, Mike.