We are reducing our market and offensive sector views from positive to neutral given the extreme overbought condition and high level of optimism toward equities, especially in the Information Technology sector. We have been recommending an aggressive field position since emerging from the third mini-recession and market plunge late in 2018, and now believe it is time to take offense temporarily off the field. The S&P 500 (SPX) is up 33% since the end of 2018, led by the Info Tech (56%), Communication Services (37%), Industrials (31%) and Financials (30%) sectors.

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