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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we take a look at the breakout in breadth visible from outperformance of the S&P 500 on an equal-weight basis relative to the S&P 500 at its typical market cap weighting. The chart below illustrates that breakout. We also discuss the price action in yields which suggest the next large move for rates will be higher. In economic data, we take a look at more housing activity green shoots in the form of today’s mortgage purchase applications and pending home sales data. We then move on to reviewing the outlook for trade and inventories in tomorrow’s GDP numbers and finish with an update on ICI’s mutual fund flows data.

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