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Leadership Rotation

May 06 2022

Unfinished Business

  • May 6, 2022

Our tongue-in-cheek celebration of the bull market’s second birthday in late March looks premature. But the “Terrible Twos” we warned about have erupted in full force.

Sep 08 2021

Reading The Short-Term Tea Leaves

  • Sep 8, 2021

The market’s August push was enough to lift four of the seven lagging bellwethers to new cycle highs. Among the three remaining laggards, only the Dow Jones Transports is still significantly below its high.

Aug 06 2021

Flesh Wounds, Or Something Deeper?

  • Aug 6, 2021

At the August 5th, S&P 500 bull-market high, seven of our eight bellwethers had failed to make a “confirming” high during the prior month of trading—up from six non-confirmations a month ago. “The dog that didn’t bark” (yet) is the S&P 500 Equal Weighted Index. 

Apr 08 2021

Rotation Into Value Continues

  • Apr 8, 2021

While Value outperformance continued throughout the first quarter, March saw higher-quality Value names take the lead. Prior to March, it was mostly the unprofitable companies that had driven the rotation.

Apr 06 2020

Leadership Rotation And Bear Markets

  • Apr 6, 2020

Bear markets are the financial system’s version of the changing seasons—a cycle we “enjoy” to extremes here in Minnesota.