More Thoughts on This Being the Market’s 4th Consecutive Up Year

I apologize but I don’t have a ton of incremental stuff to think about today. I re-present the 4th straight up year analog below to include today’s action in the Dow. As I noted earlier this week, numerous 4th straight…...

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Defense Industry Ready to Out-Perform?

The chart below plots the ratio of the DJ Defense Index vs. the SPX. From its 2009 highs to its recent lows the ratio declined by ~40% as defense companies have under-performed the broader market materially. The decline in the…

When and Where Will Transports Likely Begin to Out-perform the Broader Market?

We’ve discussed the idea of avoiding the transports in the recent past. We’ve also noted how their recent under-performance (~-1,000 bps vs. SPX over past year) is not necessarily a warning sign for the broader market. With these ideas in…...

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