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Cyclicals, Si! Defensives, No. Look Under the Hood

What’s the most important technical event taking place in U.S. capital markets today?

Sure, new all-time highs would be a reasonable first guess, but it’s actually the sector rotation under the hood, so to speak, that has the potential to have the biggest impact to portfolios through H2. Why?

First, US 10-year Treasury note yields are showing very early evidence of bottoming after declining from their Q4 2018 highs at 3.25%. And since bond prices move inversely to yields, that suggests evidenc...

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