As you guys know very well, we have wanted to be short the majority of the U.S. Sectors and Sub-sectors coming into the new year. While we still have much lower downside targets from a structural perspective, tactically speaking, many of our targets were hit this week. This is where we wanted to be covering short positions and, for the most part, looking to reinitiate short positions if and when we get a corrective rally. I have just updated all of the U.S. Sectors and Sub-sectors and they can be seen in the ChartBook.
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