他表示：“我们可以把纳斯达克100指数和罗素2000指数看作这种关系的代表。虽然这一比率已经突破了2000年的峰值，但各个部分的五年变化率显示出现在和当时之间的显著差异。”Oppenheimer's technical analyst Ari Wald stated during his research on whether the Nasdaq 100 index is in a bubble that currently, growth stocks are not overvalued, but non-growth stocks are historically lagging behind. When the gap between the two narrows, it may be non-growth stocks that rebound, not growth stocks crashing.
According to the Wisdom Financial App, Oppenheimer's technical analyst Ari Wald stated during his research on whether the Nasdaq 100 index is in a bubble that currently, growth stocks are not overvalued, but non-growth stocks are historically lagging behind. When the gap between the two narrows, it may be non-growth stocks that rebound, not growth stocks crashing.
In a report released by Wald, he wrote: 'We still believe that market differentiation, especially the gap between growth and non-growth stocks, may be the largest since the 1990s. Our different views are still that the main factor driving this gap is the weakness of non-growth stocks, not the strength of growth stocks.'
He said: 'We can view the Nasdaq 100 and Russell 2000 indexes as representatives of this relationship. Although this ratio has already exceeded its peak in 2000, the five-year change in each component shows a significant difference between now and then.'
'From our perspective, an anomaly is that the Russell Index is falling from single digits (5% in the fourth quarter of 2023), which is more in line with the market's low point than the high point. That's why we believe that convergence in the next few years is more likely to be catalyzed by a chasing effect.'
'Firepower in reserve'
Wald is also bullish on the trend of the equal-weighted Nasdaq 100 index.
He said: 'As a representative of mid-sized growth stocks, we believe that the equal-weighted index, First Trust NASDAQ-100 Equal Weighted Index Fund(QQEW.US), is a preferred choice for sector rotation, because we believe it has found an attractive balance between long-term growth leadership and mid-term rotation potential with lower market caps.'
'This index rebounded to its peak from March to November 2021 and has been consolidating around this key resistance level ever since. We believe that this consolidation will ease overbought behavior before our expected multi-year trend breakthrough.'
'Similar to our views on the S&P equal-weighted, Russell 2000, Russell value, and S&P high-beta indexes, we believe this represents firepower in reserve for the next stage of the bull market cycle.'
