November 23, 2020 - Weekly Risk Signals

November 23, 2020 - Weekly Risk Signals

The Utilities/S&P 500 has flipped back to risk-on following last week’s market action that saw defensive stocks finally capitulate in full to more cyclical areas of the market. The sharp swings in lumber prices have made it a little more difficult to interpret the lumber/gold signal. The holdout, again, remains Treasuries.

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