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The Lead-Lag Report: Emerging Rotation


While corrective risks remain in the US, the rotation in emerging markets appears to be getting started in a very real way. Could this be the early set up for the Fall Catalyst of 2012 of new all-time highs led by overseas assets?


Industrials (XLI) – Bottoming (Again)

Comments: Industrials may finally have bottomed, outperforming as money gets comfortable in stocks like Caterpillar (NYSE:CAT) on the belief that China has bottomed, and consistent with rotation into emerging markets. Expectations-wise, it seems like the sector may be washed out and due for some leadership.


Consumer Discretionary (XLY) – Directionless

Comments: I maintain that weakness likely returns to discretionary stocks, given the magnitude and length of outperformance. More time is needed to see if a decline takes place.
No positions in stocks mentioned.

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