The massive 2023 stock rally essentially has come down to just a handful of trading days, offering more proof of how difficult it is to time the market. Nearly all the S & P 500 's 18.1% gain this year can be traced to 10 days, all of which have coalesced around three general themes, according to a DataTrek Research analysis.
While all three have been important, Colas said tech earnings are the most critical piece of the puzzle. "There is simply no other way for the S & P 500 to keep rallying," he wrote. "Tech and Tech-adjacent names are 39 percent of the index. While we're likely to meet this criteria in Q2 earnings season, it gets progressively harder for these companies to surprise on the upside as analysts reset expectations ever higher.
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