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Chart of the Week

Current Chart: Updated January 24, 2020

The strength of the Fed-induced rally last year carried the S&P 500 to substantial gains. However, few realize that only three sectors led the broader index and most of the strength was concentrated in the high-powered Technology sector, which outperformed the next best sector by almost 20%pts. While many high-flying technology stocks have become investor favorites, in our opinion they have far outrun their fundamentals, and the liquidity provided by the Fed is helping to exacerbate this disconnect.


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