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“The greatest danger in times of turbulence is not the turbulence—it is to act with yesterday’s logic.” – Peter Drucker

After most major US indices closed at record highs yesterday and the dollar finished at multi-year lows, equities are taking a bit of a breather this morning.  Reports that talks over a Brexit deal are on the verge of collapsing has contributed to the negative tone, but this morning’s weakness is more related to profit-taking and a pause in the rally than anything else.  In economic news, the calendar is quiet here in the US, but Chinese Exports for November, which were released overnight, surged more than expected.

Be sure to check out today’s Morning Lineup for updates on the latest market news and events, a discussion of the latest Brexit talks, Chinese trade data, an update on the latest national and international COVID trends, and much more.

The chart below is from the second page of our Morning Lineup and shows the relative strength of the S&P 500 versus the US Long Bond Future over the last year.  When the line is in the green zone it indicates that equities are outperforming Treasuries.  Conversely, when the line is in the red zone, it indicates that bonds are outperforming stocks.  What’s notable about the chart today is that as of Friday, the relative strength of the S&P 500 versus the Long Bond Future is higher now than it has been at any point in the last year.