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Cyclicals Building Traction at Expense of Defensive Stocks

November 1, 2019
Cyclicals Building Traction at Expense of Defensive Stocks

As it has for some time, the technical market backdrop continues to support a bullish outlook through year-end and well into 2020, with cyclicals incrementally building traction at the expense of “safer” sectors and stocks. For a fundamental view on this please see page 3.

From my perspective, the equity market’s behavior remains consistent with a market in the early stages of a second leg up in a normal 4-year cycle, similar to developments in 2016 and 2011.

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