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Given the rotation we’ve seen into “re-open” areas of the market since July 20th, we can now confidently say that we’re in the midst of “Act IV” of the current bull market.
Below is our chart of the S&P 500 since last December highlighting what is now a four-act bull. Act I was the strongest and led by Tech, Health Care, and Energy. Act II saw huge gains from “re-open” plays as the first wave of COVID subsided. Act III saw sideways action for the broad market but big gains from Tech/FAANG as COVID cases began to rise again. And finally, Act IV has been led once again by re-open stocks in Industrials, Transports, and Financials, while the Tech sector and “COVID Economy” stocks have taken a breather.
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