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A wave of technical analysts and strategists have flagged the growing gap between stock market winners and the rest of the major indexes. Add Goldman Sachs Chief U.S. Equity Strategist David Kostin to the list.
Kostin wrote in a note titled “The outlook for Quality in a market of haves vs. have-nots” that despite the S&P 500’s 8% rise this year, the “dispersion within the equity market has been extremely high.”
He notes that the median stock in the index is 12% below its one-year high. Instead, Wall Street has favored artificial intelligence, large-cap, and industrial stocks, while avoiding defensives and small-caps.
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