Ok, so this is going to be a quick one, but I think it’s worth paying attention to.

Obviously this was a busy earnings week and one visual you should at least consider when you think about what’s doing the heavy lifting, is the following chart which is basically just the mega caps (so the S&P 100) divided by the S&P.

As you can see, relative mega cap strength hit its highest since May on Thursday, and that of course came amid, and on the heels of, outperformance from Boeing (BA), Caterpillar (CAT), and Verizon (VZ). You might recall that the Dow would have closed red on Wednesday were it not for Boeing’s massive gain.

Also on Wednesday, the VIX crashed to a record low just as the Fed statement crossed.

Well, with all of that as the context, consider one more chart for me:

So that’s the VIX divided by the S&P 100 VIX and it looks to me like Tuesday was an all-time record.