Bullish Consensus Builds as Cyclicals Break Out and Value Lags
Learnings and conclusions from this week’s charts:
Sentiment is getting increasingly consensus bullish.
$Cboe Volatility Index(VIX)$ & Credit Spreads are at complacent/confident levels.
Transports, shipping stocks, EM, and metals are breaking out.
Value is cheaper than usual vs history and vs growth stocks.
Growth stocks are expensive vs history and vs value stocks.
Overall, the mood remains distinctly bullish and increasingly so —and perhaps justifiably so as more evidence emerges in favor of a global growth reacceleration (and better performance from traditional cyclicals and risk-on assets).
But with growth stocks already richly priced, and value still cheap, the next phase of the bull market might look a little unfamiliar to some… $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2603(ESmain)$ $Dow Jones(.DJI)$ $E-mini Dow Jones - main 2603(YMmain)$
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