Happy Cinco de Mayo, Amigas and Amigos!
Today's Daily features two images from my great friend, Jesse Felder, one of the smartest economic/market commentators I know... and I know a slew of them!
The first visual highlights that the economically sensitive sectors within the S&P 500 have been deteriorating for over a year. Actually, you could go back to 2021 as the starting point, but stabilization (and even some improvement) emerged toward the end of 2022. Coincidentally, or not, this was when the nasty bear market that began for many stocks in Q4 of 2021 timed out.