The relative rotation we wrote about early yesterday is playing out well so far. The rotation out of the work-from-home “Covid-19” areas in favor of the economically sensitive areas is only being likely being exaggerated by increased anti-China and Social Media rhetoric coming out of the White House. Again, despite the huge run higher in Value, Banks, and Tanks (Industrials) over the two sessions, there is still room to run based on the intermediate-term indicators highlighted in yesterday’s Macro note.
Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.
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