The bull market in cyclical stocks that began in March of last year is officially over. The YRPI Early Cyclical Index is down 23% from its April 2010 high. Early cyclicals are now in a bear market. As is evident on our chart, in relative terms, stable growth stocks are surging relative to cyclicals. The YRPI Stable Growth Index has outperformed the YRPI Early Cyclical Index by 22% since late April.
Jeremy Jones, CFA
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