Tech Generals

Apple($925BN), Amazon ($760BN), Microsoft ($735BN), Google ($720BN) and Facebook ($510BN) are the five largest companies by market capitalisation trading on the New York Stock Exchange. Together, they are valued in excess of $3.5 trillion. They are the generals of Wall Street, have led from the front and their performance will drive this bull market until its conclusion. For the first 2 1/2 months of 2018, these tech giants continued to outperform the S&P 500 to varying degrees, with AMZN being the clear market leader. However, GOOGL and FB have stumbled since reporting 1Q 2018 earnings last week.


That just leaves AAPL, MSFT and AMZN. Market leadership is thinning out. Only 41% of the top 100 US stocks are now trading above their long-term 200 day moving average. If the trend doesn't reverse soon, this bull market is dead.

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