Eyes on the Prize… Even before the afternoon’s Moderna snafu, investors’ optimism seemed to fizzle yesterday as the S&P stalled and Monday’s rotation to Value came to a stop. Well perhaps all the nail-biting over Phase 1 clinical trial sample sizes (and the subsequent selloff) was necessary to get investors to re-focus on the reopening / Fed ammo narrative that was the original catalyst to start the week. That’s been to the benefit today of hot & cold Value/Cyclical sectors like Banks, Autos, Energy and Small caps that are getting another taste of outperformance. Of course it goes without saying there’s a long way to go before those moves can be thought of as more than just reversion to the mean…
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