Stock Market Internals Earnings Momentum, Small/Mid/Large Caps, Growth/Value/Cyclicals, and Additional Factors

Small Caps are selling at a 17% valuation premium relative to Large Caps (19% last month), using non-normalized trailing operating earnings. The Small Cap sell-off over the last three months has pushed us away from the recent peak premium of 23%.

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Growth outperformed Value in all market cap subsets: Large Cap, Mid Cap, and Small Cap. It also snapped a five month losing streak with Cyclicals. Despite the reversal, Growth is still lagging YTD, and is extremely undervalued compared to Value.

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As the market found a new leg higher the last two weeks of May, the Cap Weighted and Equal Weighted S&P 500 Indexes had uniform advances—just over 2% for the month. The Equal Weighted Index maintains an 80 bps lead YTD.

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Initial Q1 Earnings Well Below Average.

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Small Caps are selling at a 19% valuation premium relative to Large Caps (23% last month).

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In April, Large Cap Value widened its YTD outperformance over Large Growth to 730 bps.

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Market Cap has been slightly better than equal the past two months.

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“Three Month” Up/Down Earnings Ratio Ends Q4 With a Whimper.

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Small Cap Premium Bounces Back To 23%

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Growth Takes It On The Chin In March.

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Cap Weighted Slightly Better In Flat Performance Month.

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Important characteristics of the broad sectors of the S&P 500 along with the S&P Mid Cap and Small Cap indices.

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The second month of Q4 earnings came in with an Up/Down Ratio of 1.54, just above the historical “two month” average of 1.53.

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As the market rallied in February, the S&P 500 Equal Weighted Index (+5.2%) handily outperformed the Cap Weighted S&P 500 Index (+4.3%).

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Growth Outperforms Value In February.

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Small Caps are selling at a 20% valuation premium relative to Large Caps (23% last month), using non-normalized trailing operating earnings.

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Consumer Discretionary sector weightings sank among all three market tiers, as this segment led the market lower in January. Health Care and Utilities sector weightings increased, as both outperformed for the month.

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The Equal Weighted Index has outperformed the Cap Weighted Index in seven of the last nine months.

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Small Cap Growth Outperforms (On Relative Basis) In Down Month

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Small Cap Premium Continues Upward To 23%. Large Caps Lead On The Downside In January

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