Market Composition

Among the large cap companies I follow we still have leadership from Basic Materials (CVX, OXY, COP, FCX) , Healthcare/Pharma (MDT, MRK, BMY) and Technology (TXN).

The drag is coming from anything connected to the consumer: Services (MCD, WMT), Financials (all of them) and Consumer Goods (KO, NKE, PG).

Oil is going ludicrous to the upside which has the potential to derail the recent strength.  This market seems to eat frothiness for breakfast, so I think we have at least one more push higher.  Like it or not we are living in the Bern-anke’s reality.  Traditional sentiment is taking a backseat.

Here is a quick custom index snapshot of what I feel represents the strength and weakness is in the market.


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