The outperformance of the Nasdaq and the Russell also extends out to the monthly view as they lead the Dow and S&P by a comfortable margin so far in May.
Breakout or Breakdown?
On a year to date basis, the Nasdaq has taken over as the clear winner through the year's first 5 months. It's now just about doubled up the S&P's performance and has been the index of strength in recent weeks.
On a sector basis, Health Care continues to be the clear leader while Utilities, Financials and Industrials remain underwater on a year to date basis.
So as stocks grind marginally higher seemingly week after week, they do so while shrugging off less than awe inspiring economic news, the threat of the Fed raising rates and the occasional international/geopolitical event (Greece, ISIS, etc). The VIX is back to its 2015 lows and to levels that have previously indicated that volatility was set to jump and stocks experienced some stress. We'll see if the same holds true this time around.
We hope everyone is having a great holiday weekend and today we thank all those who have served and sacrificed while protecting our freedom. See you this week.
