The markets have been on one amazing rally lately. The media is referring to it as the Trump rally. The idea is that everyone is confident this one man will save the world that the markets are thinking there is plenty of upside left. At least that's what it seems like on the surface. The problem lately though has been that only a handful of stocks are participating in the last part of this rally. When looking at the index or an index ETF such as the (SPY  ), or (DIA  ) it seems like everything is looking good, but below the surface we can see that not every name is along for the ride.

While it has attempted to rally lately, the Utilities (XLU  ) have not been participating in this "Trump" rally. Year to date the Utility stocks are up on average 10%, but most recently the Utility stocks have laid back, not participating on strong market up days. Since the election the Utility stocks have lost almost 2.5%. Now much of this is due to the thought of rising rates by the Fed, but still, these names certainly haven't been supporting the markets.

Healthcare (XLV  ) has also lagged behind, especially in the last week. Healthcare stocks have fallen off over 4% from their post-election highs, and in this last week have not participated in the new highs seen by the markets.

Lastly you have individual tech names that have started to pause, not moving to new highs like the indices have been. Names like Amazon (AMZN  ),  and Facebook (FB  ) to name a few have really struggled to share in the euphoria of new highs, day after day. Amazon has seemingly flat lined lately with no real want to move higher in the short term. 

While the banking stocks continue to lead the way, one has to notice the other names that are not keeping pace and wonder if this rally can continue at such a pace.