The year 2023 has been all about The Magnificent Seven. These mega-caps have absolutely carried the market. Here are the percentage returns for the past year for these beasts…………..with Nvidia in particular way over 200%………
Using the Personal Symbols feature in SlopeCharts, I slapped them all together into a new symbol called $$MAGNIFICENT, and you can see what their prices combined look like.
As you can see, overall, this monster has more than DOUBLED in less than a year. But is that representative of the stock market in reality? You already know the answer.
Below is the past year for the S&P 500 equally-weighted index. Did that return over 100%? Almost. Just take out the last two zeroes, and you’ll get the correct result. 1%. One. Per. Cent.
Suffice it to say, if tech stocks ever stop doubling every year, this stock market is going to find itself orphaned.
