This morning, I’ll be on CNBC at 11:00am, discussing the market volatility last week, including sentiment issues and defensive rotation with Dylan Ratigan.
Also on the show — Noel Lamb, CIO at Russell Investment Group will be on as well. In addition to Dylan, we guest hosts Liz Ann Sonders and John Carey from Pioneer Investments will be grilling us.
On today’s agenda:
-Our quantitative ranking system had an average group rank of the 275 industry groups we follow was 70 (out of a possible 100) — Now, its 48. There are many more groups weakening, which suggest this is the first leg of a more significant correction.
-The 90/10 day we saw last week is a bottom signal only AFTER a long run down. Whne it comes so close to a new high, it is NOT a cathartic punctuation.
-The nominal bounce we got today is disappointing
- The Russell is now in the red 1.7%, year-to-date. The defensive rotation is well underway.
- All sectors have been broadly hit — but in particular Banks, Energy, Reits, Real Estate, and Home Builders. The only strong SPX group has been the Internet Retailers, and that is most likely because of Amazon.
Should be fun!