Headlines
- Bull markets are generally led by cyclical groups, as investors confidently lean into 'risk on' allocations.
- Bear markets are led by defensive groups, which typically go down less than cyclicals as investors seek safe haven during turbulent times.
- If our cautious Risk Gauge is correct, we should begin to see cyclicals displaced by defensive groups on the relative performance leaderboard.
- Don't shoot the messenger: this is exactly what we are seeing, giving. . .
