On a sector basis, Utilities have gained the most while Information Technology stocks have faltered:
Digging deeper, constituents of the Gold and Biotechnology sub-industries in Europe have both gained more than 30% this year:
Conversely, Internet Retail stocks in MSCI Europe have declined by almost 50%-- largely in the last quarter alone:
The ten best and ten worst performing members of the MSCI Europe so far this year are:
Turning to a few indicators of internal market strength (or weakness), we find that the advance/ decline ratio continues to languish as the index gains:
Cumulative net highs have deteriorated since the beginning of the year while the index has continued higher:
The percent of issues in the MSCI Europe index that are above their 100-day moving average has fallen since January:
Net advances appear to be weakening:
Fewer constituents are outperforming the MSCI World:
And finally, by most valuation metrics, the majority of companies continue to trade at elevated levels:
