Value ($RLV) outperformed growth ($RLG) by nearly 3% this week.
That doesn’t happen at stock-market highs. Since 2000, the S&P 500 has been an average of 18% from ATH when value has outperformed growth by this much in a week.
In fact, the last time value outperformed growth like this was August 2009. Not saying we’re heading into another 10 years of raging bull, but this is interesting.
The last time value outperformed growth by this much when was within 1% of all time highs was March 2000.
Of course, “value” looked different in March 2000 then it does now.
All I know is that the Heels are kicking off against Wake at 6 p.m. and I need my Friday afternoon beer.
😬Inflation increased on a year-over-year basis for the first time in 13 months
🔥 But the details show it's probably a mirage
⛽ Energy prices picked up
⛵But services inflation ex-rent is still right around 3%
🏔This may not force more rate hikes https://t.co/HSx2oiW7N8twitter.com/i/web/status/1…
OK...some details:
The increase in headline inflation was mostly from energy prices picking up
Contributions to YOY CPI, per Bloomberg:
So those higher gas prices you've noticed?
They're contributing to an increase in CPI.
Higher prices suck, but they're not the type of inflation the Fed cares about these days