Turning Sour.
Attention on Wall Street is shifting away from guessing future interest rates to the distinct possibility of an economic downturn. And that is encouraging investors to reward the strong and punish the weak. This is causing increasing divergences between the performance of different stocks within the same index or even the same sector.
Winners offsetting losers is giving the impression of a quiet market not really going anywhere when you look down on it from an index level, but there is a lot going on under the surface.
We are also seeing bonds finally beginning to return to their historically…
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