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Valuation not demanding, but visibility still lacking. Earnings yield is 2.82% above 10-yr yield, the highest in 18 months and vs 0.30% avg since 1980

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STRATEGY: Valuation not demanding, but visibility still lacking. Earnings yield is 2.82% above 10-yr yield, the highest in 18 months and vs 0.30% avg since 1980

GLIMMERS: While buyers strike continues, some cyclical equities outperformed This was another bloody day in markets, building upon a string of such bloody days since early February. And markets gyrated...

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