CHART OF THE DAY: Latest Style Factor Performance

Given how “fundamentally” oriented the establishment is in terms of their narrative bias, I’m actually somewhat surprised that even they haven’t figured this out yet. Instead, they want to call this “mid cycle”, and get “defensive”?

Short Old Telecom and/or Consumer Staples (XLP) vs. Long Large Cap Tech + Utilities & REITS? Yep. That’s been #alpha.

Back to the evolution and growth thing which, again, is a great way not to die in this game:

A) GROWTH, as a Factor Exposure, was up another +1.2% yesterday taking its TRENDING return to +6.4% in 3 months
B) SLOW GROWTH was only +0.2% yesterday (in line with SPY) taking it’s return in the last 3 months to a paltry +1.4%