Before the ‘A-ha’s’ and the ‘Told-you-so’s’ can get an word in, the US’ small sell-off into the close last night actually reinforces a lot of what we were saying yesterday. It was Tech that soured late into the session, with the Nasdaq down almost 2%, while Value was again the outperformer. We are not going to get too far ahead of ourselves though, because the stark reality is that US Value is still about 1% away from a one month-relative high. Plenty of room to go before we get into the realms of a full blown rotation.
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