Leadership Changes
Below is a synopsis of this investment report:
- Defensive sectors such as telecom, utilities, and consumer staples led the stock market rally up until the beginning of April.
- At that time, we felt that these sectors were peaking in valuation and began to prepare for a shift out of defensive stocks and into cyclical ones such as industrials and technology.
- This leadership change, where one group of stocks falls out of favor for another, appears to be underway.
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