Trades with cats wrote:
I think the inability of the smalls to make a higher high the way the ES did could be because of a popular topic on this board. The major indexes have the fantastic 5 or FANGS plus friends or what ever you call them and the smalls are the only index that is not affected by those mega caps. It would be very informative if someone had a hedge fund hotel index to compare to. I wasn't that technical during the last two major tops but I would guess that the indexes were affected by who ever the hedge fund hotel favorite mega caps were during those days. I do remember a ridiculous spike in QualComm and AOL being at an absolutely stupid valuation with analysts claiming it was about subscribers not profits. Then it all blew up and we saw media narratives about bubbles and how it was easy to see the tech wreck coming if you had been looking at it the right way. It seems the right way is in a rear view mirror.
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