Chart of the Day: No Defensive Rotation

October 24, 2022

Where is the defensive rotation?

I was told US Stocks were in a bear market.

For those keeping score at home, the NYSE new lows list peaked in June. That was over 4 months ago.

But Consumer Staples have been underperforming since May!

This is the funniest looking bear market I've ever seen.

It's almost like it might not even be one...

Sure some stocks are going down. Almost none of them are though...

How come the new lows list is non-existent?

How come there is no rotation into defensive sectors?

How come credit spreads keep narrowing?

You call this a bear market?

We're buying the stocks that are going up.

What are you doing?

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- JC

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