Noticeable Themes

- Value in short term upward trend versus growth

- Cyclical stocks rolling over versus Defensive stocks

- S&P Low Volatility ETFs starting to outperform the S&P 500 on a relative basis

- US Small Caps ( IWM ) neutral vs US Large Caps ( SPY )

- Emerging Market equities neutral vs Developed Market Equities

- Safe-Havens Surging


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