I’ve noticed a few headlines and tweets lately implying that the recent “rotation” — from the up-till-now winning sectors to the up-till-now losing sectors — is a bullish sign for equity markets. Given macro conditions, and the market internals I’ve referenced herein of late, that’s definitely not my take.
Not is it Keith McCullough’s:
“You’re getting exhaustion on the winners, and what people are trying to do is buy the losers. This happens 100% of the time in a bear market.”