This is 3-year daily chart of VLE, Value Line Arithmetic Index vs SPX. VLE shows the change in an equal-weighted index of over 1600 U.S. stocks. When its relative strength goes up, as it has been doing since late Nov 2008, the "average" stock is outperforming the more "blue chip" S&P. I.e. lower quality stocks outpeformed higher quality during the early phase of the recovery. This ratio is back to its previous high in Sep 2008, from which the market then took an "overbought" breather for a couple of months, before Dec-Jan seasonal strength.