Highlights
- Risk gauges are fully 'Risk‑On', with both large‑ and small‑cap indices at new highs.
- Small‑cap leadership is re‑emerging, reversing the post‑2023 banking‑crisis downtrend.
- Although MAG7 concentration sits just under 35%, we expect relative—not absolute—weakness.
- Our 'New Era' MOTR Industries continue to dominate leadership, matching where we’re most active in swing trades.
- Volatility and credit spreads are easing. . .
