Good morning everyone.  As an fyi, I will be on Bloomberg TV this morning from 9-9:45 am to discuss the macro and market backdrop.

 

The rally in Tech has really been something.  When I was at CNBC last night, I was really stunned by a Carter Worth’s chart showing that Apple and Microsoft represent 10% of the S&P 500 (SPX).  I think most people would be stunned by that, and the fact that the Info Tech sector represents 25% of the SPX, according to S&P Global.  There is no question Info Tech is where the growth is, but 25% exposure is enough and don’t feel the need to add to it despite the recent gains.  Indeed, the Tech heavy sectors led the market yesterday – remember, Consumer Disc. has an outsized weighting on Amazon (Figure 1).




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