The Wild Ride of the FANGMANTIS Stocks v. Rest of Market | Wolf Street

The huge US stock market has become totally dependent on a few mega-ton high-fliers. There are plenty of smaller high-fliers too, with even nuttier percentage gains, but they don’t weigh that much. And there are some former monsters that have collapsed, such as Exxon Mobil [XOM], down 65% since June 2014 and Chevron [CVX], down 40% since June 2014, along with the entire energy sector, where hundreds of companies have filed for bankruptcy since 2015, with their shares mostly getting cancelled and becoming worthless.

But it seems the entire world has focused on the FANGMANTIS stocks, with retail investors in Europe and Japan and elsewhere, where stock markets are still way down from their peaks many years or decades ago, piling in as the only sure thing that can only go up.

The Wild Ride of the FANGMANTIS Stocks v. Rest of Market | Wolf Street