The Late Cyclicals Are Being Left Behind

I just ran this chart a few days, but it’s worth updating for today. The black line is Morgan Stanley’s index of consumer stocks. The gold is the early cyclicals, and the blue is the late cyclicals.
My point is that this is not a broad downturn. The market is being very selective. Outside of energy and metals, things aren’t so bad. Yet.

The 10-year yield just dipped below 5%.

Posted by Eddy Elfenbein on May 22nd, 2006 at 11:30 am

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