NOTE: Troy published a more in-depth summary of some of the factors we're watching - check it out here.
We just finished 120 trading sessions of 2020, and one pattern is clear. It's no surprise - tech rules the kingdom.
The Nasdaq Composite rallied 19 out of 22 days heading into Wednesday. That's a tie for the best streak in almost 25 years.
It also notched an all-time high for good measure. It hasn't enjoyed this kind of a run since the 1990s.
Year-to-date, the technology sector is beating every major sector by more than 5%. Its lead over energy is a whopping 49%, while the sector closest on its heels is consumer discretionary, and even that is lagging by 7%.
Going back to 1928, there haven't been too many years when tech has been such a winner, especially relative to sectors like industrials and financials.
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We also looked at:
- Full tables showing what happens after Nasdaq streaks like this
- A view of tech's year-to-date gains versus the average (and best and worst) sectors through 120 trading days
- What happens when technology stocks lead industrials, financials, and energy stocks by this much midway through a year
The post titled The last time tech stocks ran like this was 1996 was originally published as on SentimenTrader.com on 2020-06-25.
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