Small-caps have outperformed sharply since the March lows; REITS being raised to Overweight

Near-term US Equity trends still look bullish technically with $SPX and $QQQ now having exceeded my prior targets of 7300 and 680, but markets are increasingly stretched and the warning signs "under the hood" are very evident and ought not be ignored. Today's session saw Semiconductors push higher by another ~5%, yet many parts of the market continue to lag, with Healthcare and Consumer Discretionary both having wea...

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