BoA says that “The equal weighted S&P could rip” – could do double the S&P 500 gain

BofA Securities head of US equity and quantitative strategy in a Bloomberg TV interview overnight:

• probably a lot of this good news has been priced … maybe even overpriced into the Mega-cap tech cohort.
  Everybody owns these companies, so there’s not a lot of buying pressure.
• But there is a broader array of companies that actually look pretty
  healthy. And if we don’t go into … hotly forecast recession …I think that the market can rip from here.
  The equal weighted S&P could rip. It could rip.
• we’re
  forecasting through year end is 4600 for the S&P.
  I think the equal weighted S&P could do double those gains.

Bolding above is mine.

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The S&P 500® Equal Weight Index (EWI) is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight – or 0.2% of the index total at each quarterly rebalance.

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