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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: bill meehan who wrote (53474)7/28/1999 1:57:00 PM
From: John Pitera  Read Replies (1) of 86076
 
Bill, have we not seen before that when a sector becomes the biggest part of the S&P 500 that sector is topping out longer term. We saw it with the Energy sector in the early 1980's when it got to be over 30% of the SPX. Someone from MER was on CNBC during the 3 PM hour the last few days making just this point. It may have been Dick McCabe.

They pointed out that Tech was overweighted and this was a signal that it's relative fortunes should be turning soon.
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