Narrow Mkt Rise Fuels Angst; We Expect Cyclicals To Join Rally

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There appears to be a lot of angst, at least if you go by the headlines in major news organizations and Wall Street bank comments, about the increasing concentration of the stock market rise.
The FAANG+ stocks, defined roughly by Facebook (FB), Amazon (AMZN), Alphabet (GOOGL), Apple (APLN), Netflix (NFLX) and Microsoft (MSFT), plus Tesla (TSLA) and Nvidia (NVDA) were about $8 trillion in market cap as of July 10, or 24% of all US stocks market cap and 29% of the Standard & P...

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