While the cap-weighted S&P 500 is at a new high, the same cannot (yet) be said for the equal-weighted index, nor small caps. But history shows that eventually the soldiers will lead the generals, sometimes quickly and sometimes slowly.
A small pop in the JOLTS measure of job openings in December. Too bad that the LinkUp measure, which tallies openings posted by 10,000 companies on their own corporate websites, showed no such improvement and continued to plunge in January.
A matter of when, not if. The new highs continued last week, and the S&P 500 index is now approaching the upper band of its rising channel. With those highs come ever loftier P/E ratios, with the trailing P/E multiple now reaching 22.4x.
