Sector

The trading action over the last few weeks suggests the rotation out of tech is real, but obviously could change and we have to be open to new sectors showing strength.

It still looks as if equities will make a short to intermediate peak at the end of January/beginning of February.

We don’t normally make stock changes in the last Sector Review of the year, but in this case some of our weaker selections may bounce back in a yearend rally.

Breadth flattened out short-term, but the intermediate picture is improving. Small Cap indexes moved out of their inverse Head and Shoulders patterns.