From the desk of Willie Delwiche.
Sector leadership remains with the cyclical value groups. Both growth and defensive areas have seen bouts of relative strength, but it has not persisted. Financials and Materials have been the top two sectors for four weeks in a row, and the industry group heat map (below) shows this isn’t just a large-cap phenomenon. While market cap continues to play a role in which groups are seeing improving (large-caps) and deteriorating conditions (small and mid-caps), making it into the top and bottom of the industry group rankings is more about sectors than size.
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