The Gilmo Report

November 23, 2022

November 23, 2022 6:59 pm ET

Once upon a time there were five stocks that I dubbed the S&P Five back in 2020-2021. Back then, these five names, Apple (AAPL), (AMZN), Alphabet (GOOG), Meta Platforms (META), formerly Facebook (FB), and Microsoft (MSFT) comprised a huge chunk of the S&P 500 and were responsible for much of its performance heading into year-end 2021.

Later, after META topped and dropped out of the group, the remaining four names, along with their NASDAQ cohorts Nvidia (NVDA) and Tesla (TSLA) became known as the NASDAQ Six. At that time those six stocks comprised 49%, not quite half, of the total weighting of the NASDAQ 100 Index.

I also referred to them and the former S&P Five as alt-currency stocks since they essentially functioned as alternative currencies where truckloads of QE liquidity were dumped. While most of these have finally rallied off lows in November, they were stilling off even as the Dow had bottomed in mid-October.