Has a new bull market begun?

History shows broad-based advances are more sustainable than narrow ones and this year has been a narrow advance led by a relatively small number of stocks. Concentrations have a big impact and one way to see just how limited the market’s gains have been is to shift the focus from traditional indices to equal-weighted ones, which show a different picture than the standard market-cap weighted ones. If earnings end up coming down more than the consensus expects, then these stocks will probably keep outperforming because they are considered a safe place to hide; but if and when the Fed starts...