U.S. Cyclicals/Defensives vs. ISM Manufacturing PMI

U.S. Cyclicals/Defensives vs. ISM Manufacturing PMI Chart showing the large divergence between U.S. cyclicals/defensives and the ISM Manufacturing PMI. Eventually, the gap should close soon. Image: Topdown Charts

Cyclicals vs. Defensives Performance

Cyclicals vs. Defensives Performance Cyclicals vs. defensives are now two standard deviations from 12M average, as risk-on tone grips stocks. Image: Morgan Stanley Research

U.S. Cyclicals vs. Defensives

U.S. Cyclicals vs. Defensives It’s all about sector rotation: the cyclicals vs. defensives trade is now pricing a growth acceleration. Image: Goldman Sachs Global Investment Research

U.S. Cyclicals vs. Defensives

U.S. Cyclicals vs. Defensives Cyclicals vs. defensives have been a good indicator for monitoring investor sentiment. Image: Goldman Sachs Global Investment Research

S&P 500 Cyclicals Relative to Defensives

S&P 500 Cyclicals Relative to Defensives Chart suggesting that S&P 500 cyclicals could outperform defensives in 2020, based on higher U.S. nominal GDP growth. Image: Stifel

Rallies in World Cyclicals vs. Defensives

Rallies in World Cyclicals vs. Defensives Since the global financial crisis, average rallies in world cyclicals vs. defensives have lasted only four months. Image: Goldman Sachs Global Investment Research

Cyclical/Defensive Equities Ratio and 10-Year Treasury Yield

Cyclical/Defensive Equities Ratio and 10-Year Treasury Yield The chart shows the correlation between the cyclical/defensive equities ratio and the 10-year treasury yield, signaling an economic slowdown. Image: Morgan Stanley Research