Let the Big Dogs Run 🐕

Today's number is... 29%

The largest S&P 500 stocks have gained an average of 29% since April — leading from the front, with no signs of stress.

Here’s the chart:

Let's break down what the charts shows:

• The chart splits the S&P 500 into 10 equal market cap deciles, arranged left to right from smallest to largest. Each bar stacks two values:
  • Navy shows the average % gain since April 8, 2025
  • Red shows the average % drawdown from each stock’s 52-week high

The Takeaway: This is how strong trends behave — with leadership from the top.

The largest S&P 500 stocks have gained 29% since the April lows, with the smallest drawdowns in the index. 

That’s not distortion. That’s structure. 

In real bull markets, the biggest names lead.

The top deciles are doing the heavy lifting — and that’s not a problem. That’s their role.

You want the best players on the field scoring points.

You want leadership that drives from the lows and holds up under pressure — and that’s exactly what we’ve seen since April.

Yes, the rest of the field is lagging.

But that’s normal. Rotation can come later.

What matters now is that the strongest names are still doing their job — pushing higher with no signs of stress.

This isn’t narrow. It’s focused.

And when the biggest names are this strong, the signal isn’t noise — it’s conviction.

Are you riding with strength — or waiting for permission?

Let me know! 

Grant Hawkridge | Chief Aussie Operator, All Star Charts

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