Of course, the market hit new highs in January and February, but this, time it's different. Previous new highs in January and February were greeted with some hand-wringing: it was mostly big-cap tech stocks that were forcing the markets higher.
Not this time.
The rally has broadened out, big-time. Far more stocks are advancing than declining. Nearly one-fourth of the stocks in the S&P 500 and the NYSE Composite Index are at new highs. Recently, laggard groups like utilities, health care, and REITs have been outperforming prior leaders like technology and industrials.
Value is at a new high. Growth is at a new high. Big caps are at new highs, midcaps are at new highs. The small-cap Russell 2000 is lagging slightly, 4% off its high, but no one seems to be complaining too much.