Daily commentary and chart of the day: More on narrowing market leadership

Last week, I wrote a bit more on my prediction of margin compression in the US and how Apple fits in the weekly newsletter. At the time, I said:

Timing may not be perfect but I would say we need to look for a narrowing of market leadership and this is one reason I mention Apple.

I went on to say that we seemed to have narrowing market leadership as negative earnings surprises have mounted. I believe the cyclical bull is tired and recommended rotating out of high beta, high risk and cyclical sectors into a more defensive investing posture. The point basically was that we are still in a secular bear market and that during the cyclical bull phase it requires a lot more than a buy and hold strategy. The best way to achieve gains without getting creamed is to rotate sectors and inve...


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