Pro Ultr Tech

$SPY looks good, no problem. But my concern is this.

7 stocks still = 34% of the S&P 500. Higher concentration than the 2000 tech peak (~24%).

I got June stats from my agent:

$2.3T erased from Mag 7

MAGS ETF: $700M outflows, worst month since launch

6 of 7 names in double digit drawdowns

YTD split:

S&P 493: +13.7%

Mag 7 basket: -6.6%

The other 493 stocks carried 96% of index returns.

Where money rotated:

LEADING: Healthcare (XLV), Financials (XLF), Industrials (XLI)

LAGGING: Technology (XLK), Energy (XLE)

S&P 493 earnings growing ~20% in Q2.

Mag 7 growth slowing.

This is why I keep emphasizing on $RSP gives a better picture than $SPY. Equal weights are a better read IMHO.