The Giant 5 Stocks versus the rest of the stock market

The Giant 5:    

    Apple [AAPL]

    Alphabet [GOOG]

    Amazon [AMZN]

    Facebook [FB]

    Microsoft [MSFT]

 The two charts tell the story, 

as of last Wednesday:

The Giant 5 market capitalization hit $7.81 trillion last Wednesday, up from $4.1 trillion, on March 11 -- up by 91% ($3.72 trillion) ... Also up 271% since January 2017/

The two-day drop just put them back where they’d been for the first time on August 24. In other words, there had been a blistering rally all summer that had followed a blistering rally that had started in March, and then in two days, only the last eight trading days of that mega-rally were unwound.

The total market, as tracked by the Wilshire 5000, includes all 3,415 or so stocks listed in the US.

The weight of the Giant 5 in the total stock market peaked at 21.5% on September 1, in terms of market capitalization. At the close on Friday, it was down to 20.7%. Just five companies account for over one-fifth of the value of all stocks and ADRs traded in the US.

August that had been the best August for the S&P 500 Index since 1986, but there is a large disconnect between stock prices and the weak economy, weak corporate revenues, and weak corporate earnings.