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April 2024
Some Spring in the Cyclical Step
"If you don't like change, you are going to like irrelevance even less."
- General Eric Shinseki
Economically sensitive pockets of the market are leading. The promise of interest rate cuts amid a potential synchronized growth upswing has put some pep in the step of cyclicals. Spring has arrived, and with it, fresh questions regarding these shifting allocations. Should investors embrace the market’s positioning optimism? After the recent advance, are there any new catalysts and concerns? As always, we defer to our technical, fundamental, and macro disciplines to assess the risks and guide our outlook.