Don’t be fooled. This market is weaker than it seems, according to David Rosenberg, chief economist and strategist at Gluskin Sheff.
The S&P 500 is up more than 5 percent in 2018, recovering from a correction earlier in the year. The broad index was also just 1.9 percent removed from an all-time high reached in late January as of Tuesday's close.
However, Rosenberg notes that while momentum stocks are lifting the market, "many subsectors are well off their highs: Homebuilders. Autos. Banks. Insurance. Consumer products. Telecom. Media. Transports. Utilities. Pharma. And many more.”