Highlights
- Evidence continues to mount in two regards: first, equities are at risk of a deeper decline, potentially a bear market; second, relative leadership continues to morph away from the US towards Europe and Asia Pacific.
- Prior transitions to and from the US have been multi-year affairs, not overnight events, the last two coinciding with significant bear markets.
- While the relative high is likely in for the US, a period of back-and-forth rotations below that high is likely for some time. . .
