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But, wait, I’m not done: even the Russell 2000 index of small capitalization equities established unexpected new highs as December kicked off.
That’s why it’s weird — or at least, unusual — to see how former monsters like Apple
Here’s the evidence:
Pretty obvious if you look at it. The early September peak is followed by a couple of months of consolidation and then, a higher all time high during the first week of December.
The Standard & Poor’s 500:
It’s even stronger in terms of “higher high” than the NASDAQ. The early December all time high peaks well above the early September price. That’s a nice bit of buying volume on the second week of November, too.
The Dow Jones Industrial Average:
Same basic look here: the early September peak is eventually followed in early December by an even higher all time high.
Russell 2000 Small Caps.
When you read analysts talking about the move from “growth” to “value,” this is what they’re referring to — whether it’s an accurate take or not. The small cap index just took off and did not look back from the beginning of November to the present.
Now, take a look at the former favorites that didn’t get there:
Every time it seems to bottom and begin to rally, the stock runs into selling before it can even approach the late August/early September all time high. The introduction of new…