Chart of the Day

In this morning’s note I alluded to a rotation that’s taken place the past few weeks, from the high-flying techy names to the value “reflation” names. I also suggested that the premise beneath today’s reversal of that trend is ultimately faulty.

Bloomberg’s Andrew Cinko put a chart to it this morning:

By Andrew Cinko
(Bloomberg) — No doubt about it, there’s plenty of
strength in software, hardware, semiconductor and other
technology names at the open. But their rally is not yet big
enough to negate the turn to value stocks that occurred over the
last few weeks.

The Russell Growth vs Value chart shows the rebound that’s
occurring. Yet it’s still not big enough to reclaim the uptrend
that had been in place until late summer. Rotations take time —
and this back-and-forth may simply be the early fits and starts
of a change rather than a correction within the prevailing trend.



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