We have had a bit of cyclical bounce over the past month in the developed stock markets. Late cyclical sectors (energy, materials, industrials) are three of the top four performing sectors and the other top performing sector is an early cyclical sector (consumer discretionary)....
Earlier this week we touched on the fact that new highs in individual stocks have not expanded much despite the continued new highs all year in the headline indices....
Across the MSCI World Index, the Industrials and Financials sectors are making the most new highs: By Region, the sectors making new highs varies only slightly from the World trend: Asia-Pacific Europe North America...
It’s no secret that we’ve been concerned about the lack of new highs in individual stocks since at least the beginning of the year....
