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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.

Financials and industrials lagge...

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