Still hedged!

High Beta is very weak:

The above is the list of higher beta industries with relative strength. A good reading is > 50 (out of 75). We got 12! So, defensives lead and that is not good!

Small cap value momentum (50 Stocks!) hanging in there, but as long they do not make a new high, we need to be cautious.

Estimate up revision systems find stocks, which is a positive:

But if you compare for example quality small caps with the SPY it gives a bleak picture:

With the spy making almost a new high, they are lagging hard!

So, all in all the picture is bleak. Still the time to be hedged.

Best Regards

Andreas

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