Bank of America's 2024 outlook report on the stock market points out that many investors complain that the current US market rebound is only limited to a few stocks. In fact, we prefer to judge the quality of market breadth based on direction rather than magnitude. If markets with higher breadth are all headed in the right direction, then stubbornly adhering to unequal income distribution is meaningless. The index return is largely influenced by the performance of giant stocks, but as the name suggests, in a market cap weighted index, the largest stocks will have disproportionate contributions. For market views, direction is more important than contribution.