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The Lead-Lag Report: Undeniably Bullish


Regardless of whether internals are improving due to central bank policy action or not, market internals remain undeniably bullish for risk assets, as new all-time highs in stocks appear ever more likely in the coming weeks.


Small-Caps (IWM) – Mirroring Fall Melt-Up of 2011

Comments: Small-caps are now showing behavior similar to what happened during the Fall Melt-Up of last year. A repeat may very well occur given weakness in the bear trade and a recovery in risk-taking underneath the market's surface, particularly on Fed action to come.


Technology (XLK) – Leadership Broken

Comments: Last week I noted that "the sector ETF is now nearing an important relative resistance level, which could serve as a stopping point for continued leadership given how well the group has performed thus far in 2012." It appears that a meaningful break is underway, as money rotates into other sectors.
No positions in stocks mentioned.

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