Dow Jones and S&P 500 Hit Record High Just Ahead of Jobless Claims
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News Now - BONDS AND STIMULUS ARE DRIVING BIG SECTOR TRENDS AND SHIFTING CAPITAL
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Morgan Stanley with the note:
NBER confirms the shortest recession in history at just 2 months. From the day the recession began last year, we’ve been ahead of the consensus with the progression of this new cycle staring with the v-shaped recovery. It’s all happening faster than normal and that means rotations and changing leadership is happening faster too.
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Our midcycle transition starting back in March should now make more sense with historical comparisons as it typically begins about 9-12 months after the recession ends.
Continued focus on relative value. As the mid-cycle transition continues, our preference for relative value, rather than index trades, remains. A few of our picks: high quality over low, equally weighted Staples over Discretionary, equally weighted Healthcare over Tech, software (largecap,GARP) over semis, defensive over cyclicals, S&P500 over early cy