One of the signs of a major rally top (that is unsustainable) is a rally that is narrowed to a selected few, in Wall St, much of the gain contributed by FAAANG stocks, locally in the ASX , CSL and BHP as you can see below.
Writes the AFR below
The benchmark S&P/ASX 200 Index has finally cleared 7000 points, more than two years after it cleared the 6000 point mark in 2017 for the first time since the global financial crisis.
While the majority of the market has enjoyed strong advances across those two years, two stocks alone have been responsible for almost half of the market's 1000-point gain: CSL and BHP Group.
Since November 7, 2017, when the ASX crossed the 6000 point mark, CSL has risen 115.6 per cent, adding 277 points to the index while BHP has advanced 68 per cent, adding 200 points.
