Technical Backdrop Supports Increasing Cyclical Exposure

With each passing week, the technical backdrop continues to support increasing equity exposure to cyclicals.

Secular growth pulls back after surging through Q2 into late Q3 - Technology and momentum stocks are pulling back with a growing number of leaders breaking below their rising 50-day moving averages. Just a few high-profile examples include AAPL, MSFT, AMZN, NFLX, FB, GOOGL, ADBE and PYPL. My view remains unchanged regarding these secular growth leaders. I see their weakness as a norma...

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