From the desk of Willie Delwiche.
Key Takeaway: Financials & bond yields finished last week at new recovery highs.
They were joined by the most stocks ever on the NYSE + NASDAQ making new 52-week highs.
Small-cap leadership is intensifying as stocks reflect better than expected earnings and optimism about the path of economic growth.
Financials and Energy climbed in our S&P 500 relative strength rankings last week. Curiously, among small-cap sectors, Financials have been more of a laggard than a leader. With Consumer Discretionary slipping in this week’s rankings, Technology has moved back into the top spot. Small-caps dominating large-caps in our industry group relative strength rankings is not too surprising given that the top nine groups on a YTD return basis come from the small-cap index and the bottom four groups all come from the large-cap index.
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