1.Momentum Vs. Value and Large Cap vs. Small Cap Themes Continue.

MTUM Large Cap Momentum ETF +8% vs. SPYV Large Cap Value ETF Flat

Mega Cap ETF +5% vs. Russell 2000 Small Cap +1.67%

www.yahoofinance.com

1.S&P Forward P/E Multiples Nothing Like 1999 Bubble.

Intel and Cisco Never Made It Back to 1999 Highs.

https://www.reuters.com/article/us-usa-stocks-dotcombust-graphic/20-years-after-dot-com-peak-tech-dominance-keeps-investors-on-edge-idUSKBN20C1J7

1.High P/E Stocks Outperformance Vs. Low P/E Stocks Surpasses Internet Bubble.Wisdom Tree

But even the best performing value factor was no contest for a market that has avoided value stocks like the Bubonic plague. Figure 2 is my favorite chart right now.

If the Bear Lurks, High P/E Stocks Are the Dreaded “Phone Ringers”Jeff Weniger, CFA

Figure 2: 10-Year Rolling Annualized Outperformance, Low P/E vs. High P/E Stocks

Face it: The amount by which high P/E stocks have outperformed low P/E stocks in the last 10 years exceeds the amount observed at the apex of the dot-com bubble.

https://www.wisdomtree.com/blog/2020-02-13/if-the-bear-lurks-high-pe-stocks-are-the-dreaded-phone-ringers

1.Market Volatility—110 Days Without 2% Trading Day.

Blackrock

1.Mega Caps Continue to Rule

S&P Equal Weighted Relative Strength Roll Over.

https://blogs.wsj.com/dailyshot/