As the S&P 500 (SPX) moves out of its “frustration phase” of the bottoming process, we believe it is time to focus on potential offensive rotation rather than the absolute level of the mega-cap-weighted indices, especially on a pullback. The move off the panic low in March has been largely driven by the “stay at home” growth stocks, as the economically sensitive value areas have significantly underperformed the SPX with the economy largely shut down.

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