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 Below is a chart and brief excerpt from today's Early Look written by Senior Macro Analyst Darius Dale 

Ten consecutive quarters of #Quad3 or #Quad4. Ouch. As the Chart of the Day shows, there have been ten consecutive lower-highs in the ratio of Cyclicals to Defensives here in our own equity market as well. And the current iteration represents the most interesting lower-high of them all – if only because it’s:

  1. from a higher-low; and
  2. at the precise interval where it makes sense for markets to kick the tires on a #Quad2 recovery both domestically and globally – however muted and fleeting it may be.

CHART OF THE DAY: Beware The Macro Tourist Narratives  - Chart of the Day

CHART OF THE DAY: Beware The Macro Tourist Narratives  - early look