Since January 10, the cap-weighted $SPY has been up 2.6%, but the equal-weight $RSP has been up 5.5%. Similarly, the cap-weighted $QQQ is up +3.1%, but equal weight $QQQE is up 5%. These cap-weighted indexes are, therefore, masking strength in the other stocks, so it isn’t all about the Magnificent Seven this year. What this means is that stock picking may be back.