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The Lead-Lag Report: Undeniably Bullish

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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.

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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.

LAGGARDS: TECHNOLOGY MOST VULNERABLE

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.

This writing is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction, or as an offer to provide advisory or other services by Pension Partners, LLC in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Pension Partners, LLC expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing.

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