Highlights

• The LT and MT timeframes of the equal weighted Risk Gauge have ticked up to a 'Risk On' reading of 3, a clearly positive development at the margin.
• This despite the threat of heightened volatility as earnings season continues to ramp up.
• In addition to being supportive of equities broadly, it is more specifically an endorsement of small and mid (SMID) cap equities.
• Whether this is the long-awaited start of a robust bull market or just more rotation into small cap industries. . .