Summary: Subtly market internals continue to slip underneath the surface. Additionally, high beta and other “risk on” barometers continue to underperform “risk off” benchmarks such as, utilities, consumer staples and healthcare. Typically, when these two events occur it is a precursor to a corrective wave. Add in seasonal trends, which tend to turn negative as we approach May, and clearly the odds favor a correction as opposed to a continued rally.

Please open attached pdf for more comments and charts.

Best.

Category: Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

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