Since 2001…

As you know, there are a whole lot of people out there who are concerned that the rally in U.S. stocks rests on a shaky foundation characterized by an overreliance on tech.

These concerns have found expression in cautious notes from Goldman and lengthy missives penned by the likes of Howard Marks, who in July implicitly compared the current environment to the “perpetual motion machine” that was at work just prior to the dot-com bust.

Well speaking of the dot-com bust, have a look at the following chart, which shows that the S&P Information Technology index recently hit the widest ratio to the S&P 500 since 2001:

Meanwhile, Nasdaq “breadth” is still sitting near all-time lows, just as the index hits all-time highs:

What could go wrong?