Clearly, investor emotion is a real thing that impacts the stock market and maybe even more importantly right now, the bond market.

Rotation does appear that it is occurring and seems to be in the early stages of becoming consensus. We have seen numerous downgrades of AAPL, and that money needs to be reallocated. We believe cyclicals, Blue-Chip, and small cap are compelling. Everyone seems to like the banks and that momentum could continue!

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