Cyclicals to Defensive Stock Ratio and Treasury Bonds

Cyclicals to Defensive Stock Ratio and Treasury Bonds Market internals, the preference for large over small and quality over junk, suggest that the recovery will be modest. Image: Morgan Stanley Research

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