Heterogenous

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The market is, generally speaking, near lifetime highs, but just as some animals are more equal than others, so too are some indexes at lifetime highs more than others. We’ll go from strength to weakness, starting with the Major Market Index, which is muscling its way to new records daily:

Also terribly strong, but a little less so, is the S&P 500. I’ve drawn a line which shows the ever-so-slightly higher highs going on. The circles denote those record levels.

Once we get to the Dow Jones Composite, the timing of the peaks is the same, but instead of slightly higher highs we see slightly lower lows. Nothing earth-shaking, but intriguing nonetheless.

The NASDAQ Composite, perhaps because of lingering trade war concerns, is having more trouble. Its recent high is substantially beneath the prior peak.

And by the time we reach the small caps………fuhgetaboutit!

I’ll leave you with one last thought from IPO-land. I’ve plotted two companies below which could not be more different: Beyond Meat and Zoom Communications. One of them creates meat-free meat, and the other is a video teleconferencing company. What I find interesting about these high-fliers (both of them fairly recently public) is how they are moving in absolute lockstep even though, as I said, what they do is worlds apart.